A RESTAURATEUR'S BANKRUPTCY.

Dominion, Volume 2, Issue 452, 10 March 1909, Page 4

A RESTAURATEUR'S BANKRUPTCY.

THE FAILURE OF "PARIS HOUSE." Tlie first meeting of creditors in the bankrupt estate of Octavo Desneux, restaurateur, Wellington, was held yesterday, before the Official Assignee (Mr. A. Simpson), and seven creditors. ' In a written statement, debtor set out that, early in September last, lie took a lease of the iloor above the AV.F.C.A. at a rent of o C-iGO per annum for three years from October 1, with right of renewal for a further three years at X'soo per annum, his object being to open a first-class restaurant. At that time he had about J3370 in cash. During September he had the place fitted up by. Mr. S. C. Castle, at a total cost of ,£lB2 16s. 3d., of which was paid down, and, under pressure by him, agreed to pay off tho balance at .£2 per week, and, finally, under further pressure and threats of distraint, ,£3 per week. To date, £W 18s. 6d. had been paid on this account. Debtor bought goods costing ,£220 from the D.1.C., paying i£9o down and .CIO 10s. Bd. per month; ,£l3B had been paid to date. Ho bought up mostiy at auction and for cash, other furniture and utensils, besides putting in a lot he had gathered up previously. The Gas Company fitted up his cooking apparatus for JJ7O, of which .£35 was paid down, and he agreed to pay the balance at .£3 monthly. By the : time lie opened he bad spent practically all his cash, and, from then onwards, he did' his best to pay everybody out of the takings. This proved -to be impossible, and he found himself unable to pay for supplies, rent, and instalments. The rent fell in arrear, only Jtts being paid, whereas .£l2l was duo on March 1. To keep down expenses he tried waitresses, but found them less efficient than waiters. ,Tho takings ho considered good for a start, the amount received for the first four weeks being .£2B, JMB, .£sl, and ,£4O respectively. As rime went on, it became evident that it was impossible to get >"nrn H-. for a meal, and that very few teas wer« wanted, and practically no suppers. i.,iav;s...eii pi-oswd tor cash, and his landlord threatened to cancel the lease, but gave him every chance. As he could not meet expenses, he decided to file. The amount owing unsecured creditors was £210 16s. lfld.; secured, ,£SO 13s. 4d.; furnituro in hand was estimated at ,£lßl Gs. 6d. ; surplus from securities in hands of secured 'creditors, ,£BB 6s. Bd.; total assets, ,£269 19s. Gd. The Assignee remarked thai the creditors must decide what was to bo done. There was no money in hand, and there were no book, 'debts. The creditors recognised that debtor I had done his best, but ho was working under heavy disadvantages. Jlr. H. Denhard moved that the disposal of the assets bo left in tho hands of tho .Assignee. I This was agreed to, and a motion aiding the bankrupt's discharge was carried.