“BAD LUCK”

Dominion, Volume 15, Issue 134, 2 March 1922, Page 6

“BAD LUCK”

SECOND-HAND FURNITURE AT A DISCOUNT

WOMAN TRADER GOES BANKRUPT

The first meeting of creditors in the bankrupt estate of Leonora Blanche Sycamore, second-hand furniture dealer, of Vivian Street, was held at the office of the Official Assignee (Mr. S. Tansley), yesterday afternoon. Bankrupt in her filed statement said that she started in the furniture business in May, 1920, with a very small capital, with nothing in fact, which really belonged to her. She worked on an overdraft with the Bank of Australasia, Palmerston North, until October, 1920, when she cleared the account off, and opened an account with the bank in, Wellington with, a credit of £9B. At that time she was owing something over £lOO, including £59 to the fpm of Abbott, Oram, and Co. She paid off £45 of this account, and Mr. Abbott kindly consented to wipe the balance of £l4 off. She had worked all the time she was in business on post-dated cheques, and while business was brisk she was always able te meet them. She worked on a 10 pei- .cent, margin -on cost, and got a pretty large turnover during tho first fifteen months. Her expenses averaged £l5 per month, and this allowed nothing at all for clothing. In August last she put £lOO worth of linos., etc., into a shop and dwelling at 113 Vivian Street, and sold it for £l5O. She paid £5O alone for the goodwill of a dwellinghouse at , 88 Vivian Street, and the balance of £l5O had to go to meet cheques that were due. She had made several bad deals in buying privately, and had not got her money back on selling. Business had been so bad for the last six months that she had been selling under cost to meet current expenses, and the last few cheques she had out she had been unable to meet. Had Bruce and Co. not pressed her to file she had hoped to sell the business and so clear all the debts, or at least a portion of them. “I have not kept any books,” bankrupt proceeded. “I don’t know how to, and I did not know it was necessary to do so.” Bankrupt also stated that she had been helping her aged, parents, who were in poor circumstances, and for the past twelve months she had had a run of poor health. She had always tried to be honest in her business and private dealings, and was truly sorry to have to go bankrupt. The list of debts to unsecured creditors amounted to £454 18s. 4d., the chief one being £275 to E. Johnston and Co., Wellington. The stock-in-trade was valued at £165; book debts, £5 10s.; furniture, £25; total assets, £2OO 4s. 6d., leaving a deficiency of £234 13s. lOd. The Official Assignee said that bankrupt’s landlord and several of the creditors had spoken well of her, and expressed a desire to give her a chance. It appeared to be a case cf bad luck. The stock had been valued at £135.

Mr. Johnston, one of the creditors, remarked that the stock. would not fetch the prices at which it had been valued.

The Official Assignee said it did not appear that bankrupt had been dishonest in (any way. She had appeared to try and pay her way. Bankrupt: I assure you, gentlemen, that if ever I get the money I will pay every one of you. The Official Assignee: T wish every bankrupt who made that promise would keep it. It was agreed that the stock should be sold, and the meeting was adjourned until this had been done. It was agreed to allow the bankrupt te keep her private furinture to the value of £25.