Clothing retailer owed $17,000

Press, 26 July 1977, Page 5

Clothing retailer owed $17,000

A woman who traded as a; women’s clothing retailer had debts of almost $17,000, the first meeting of her creditors was told. Marguerite Lynette Proctor, aged 28, was adjudged bankrupt on June 13. She opened Shop 8 at Elsham Courts, Christchurch, in June, 1975, and was forced to close on November 29. 1976. wffien a bailiff seized the stock under several distress warrants. Mrs Proctor said that when she started, business had been good, but it had steadily decreased from about April last year. She had gone bankrupt because of the fall in turnover and the forced closing of the shop. She had started with capi-

I tai of $2OOO, but at the time she and her husband — also a bankrupt, from whom she had been living apart for several months — had owed about $6OOO. The Deputy Official Assignee (Mr L. Anderson) said Mrs Proctor’s liabilities totalled $16,809, but this figure was provisional because more claims might be made. He said he had not been able to investigate Mrs Proctor’s affairs fully. It alarmed him that she had run up so much credit so quickly. She could not have reasonably expected to meet the payments, he said. Mr Anderson was authorised by the creditors to dispose of any assets.