Deficiency of $3190

Press, Volume CXV, Issue 33783, 4 March 1975, Page 10

Deficiency of $3190

Lack of business experience and insufficient turnover were the main reasons given for the bankruptcy of the partnership of 1 D. and I. J. Smitheram, a creditors' meeting was told yesterday.

The deputy oflTcial assignee, iMr L. Anderson) said that Mr and Mrs Smitheram were in partnership in the Lucia Dairy, in Worcester Street. They were adjudged bankrupt on February 13, 1975. The partnership had five unsecured creditors and a (total deficiency of $3190.10. lit had no assets. The bankrupts traded at I the dairy from February 4, 1974, to May 31, 1974. They I had no management or bookkeeping knowledge. They paid $56 a week rental for the shop and living acI commodation, said Mr An- ! derson. Mr Anderson said that one unsecured creditor had been ', proved. It was J. Rattray land Son, Ltd, Christchurch, 'which was owed $2973.71. ■ The meeting was ad-j ■ journed sine die through ■ ! lack of a quorum. The meetings of Mr and; Mrs Smitheram’s personal ' bankruptcies were then . heaid. They were adjudged . bankrupt on February 13. 11975. Mrs Smitheram’s statement of affairs showed a, deficiency of $4409.28. This was owed to three unsecured creditors, one of them proved, and for two hire-1 purchase agreements. The proved creditor. Hay-1 wrights, Ltd, Christchurch,; was owed $1005.88, said Mr: Anderson. ’ He said that the main I • causes for Mrs Smitheram’sl ‘ bankruptcy was an unprofi-l • table partnership. The meet-; i ing was closed. t Mr Smitheram’s statement: t of affairs showed a deficient ;cy of $1272.30. He had two i unsecured creditors. ; The reasons for his bank-1 ; ruptev were described as an : unprofitable partnership and: ill health. The couple have four. I dependent children. I The meeting was ad-; i’ journed sine die through! lack of a quorum.