BANKRUPTCY.

Dominion, Volume 1, Issue 56, 29 November 1907, Page 2

BANKRUPTCY.

■ The affairs of William. Gore Crawford, grocer; Wellington,.were investigated by the Official Assignee:;( Air. James Ashcrqft)'.y'estorday morning.' There wcro three creditors presont. . The bankrupt's statement- of ■ finances showed Jbis. position to be as- follows :— Assets—Stock in trade, £30; . estimated receipts from book debts,. £10; cash in band, ,£4 Is. 5d.; vested in Messrs.. W, .and.G.. 'Turnbull and Co.'s hands for,- distribution among the creditors, £24 7s. 10d.; furniture, £40;. total assets, £108 95., 3d. -Liabilities— To Unsecured creditors, £90 2s. 6d. bankrupt also stated that ho .had a ,fpur-6fth share in a yacht at Kilbirnio, value £40. Tho principal creditors-are as, follow:—Ellis and Manton,.£lo 13s. lQd.;-Wβ! lneton-Bis-cuit Company, £7 6s. Id; E.,\\v'Mills andCo Ltd., £7 13s. Id.; W. and CTunibull and Co., £36 9s. lid.; Wellington.Publishing Co., £5 3s. 2d.; Adams, Ltd., £4,105. ' Tho bankrupt attributed his insolvency to insufficient capital to properly, carry on the business. Ho bad no . experience m tho grocery trade, and,' further, tho. district in which he did business was., overloaded by competing firms—there, were no less than six grocery establishments, within' a radius of. half a mile.. The bankrupt, under examination, stated, that he .started business in-Nov-. ember with a capital of £30." Ho toqk alive' years' leaso of, tho premises 'in Berhamporo, tho annual rental being £90, rising to £104. The sales averaged from £5 to £9 weekly. Ho also, held a position in tho "EveningPost " at a salary of £3 10s. per week, up till December 12, when ho. resigned in order to personally help things'aloug at tho shop. Ho put in oild wocks at tho "Evening Post," oarning £3 10s. per week. On .September 26, ho secured a position with tho Wellington Publishing Company, at a salary of £3 155., which ho still held., Tho yacht Petronus, in which bankrupt held. a : four-fifth sharo, was laid up. Mr. Free, who also held an interest, owed him £14 on account of tho yacht. It' was ' stated that' the yacht, in consequence of tho interior fittings having been cut up, would not realise its fair valuo in the market. The dinghy belonging to the yacht was claimed by Free. Tho bankrupt made a formal 'offer to pay regular instalments of £3 per month towards -the reduction of his liabilities. It was pointed out that, with tho exclusion of the lurniture, the estate would realise' about 205., in the £.' Tho following resolution was unanimously adopted:—"That any surplus of furniture, over and above the allowance under the Act, be granted to bankrupt.' , Tho meeting was adjourned sine die.