BUSINESS FAILURE

Dominion, Volume 18, Issue 54, 28 November 1923, Page 10

BUSINESS FAILURE

CARRIER’S BANKRUPTCY , UNFORTUNATE VENTURES A meeting of the creditors of Daniel Campbell, carrier, was held yesterday, presided over by the Official Assignee (Mr. S. Tansley). The debts to unsecured creditors were reported to amount to £543 4s. 3d. The Commercial Bank of Australia. which had allowed an overdraft of £6OOO, was secured to the extent of £lBOO. The assets were estimated at £lOOO. The principal unsecured creditors were Jenkins and Co. Ltd. £179 75.; J. Campbell,Ltd., £2OO. There are, however, further claims to be put in. Bankrupt in his filed statement said he was a contractor by occupation, and for the past thirteen years had been in the employ of his father, John Campbell. Some two or three yearg ago his father’s business was converted into a private company with a capital of £7500 in £1 shares, of which bankrupt was allotted 1500. His brother Jim Campbell died some time ago and left his 1500 shares to him, so that bankrupt held 3000 shares in the company. Up till recently the busi- • ness was in a very good way and was showing a very good profit. It was decided to open up branches at Wanagnui and Palmerston North, but these were not payable propositions and were a drain on the main business in Wellington. The company v.as therefore forced to arrange a considerable overdraft with the Commercial. Bank of Australia. “To secure the overdraft with the bank,” he continued, “my father and brothers and myself mortgaged all our real estate to the bank. The bank overdraft now stands at about £6OOO and I am a several guarantor for this amount. ... J. Campbell, Ltd., went into voluntary liquidation some short time ago, . and I was then dismissed. Since then' I have not been able to earn any wages. Apart from the business, I have entered into several ventures, none of which have been a success. . . . On account of my business failures I began to get into debt and have been faced with summonses for a considerable time past. I. have done my best to meet these, and have paid several hundred pounds in settling judgments in the past year or so. They were, however, too much. I have always tried to pay my debts. . . . At the beginning of this year my health gave awav, and I spent some time in hospital. I attribute the cause of my present position to the failure ot J. Campbell, Ltd., and to my unfortunate business ventures.” The meeting was adjourned to January 15, 1923.

The creditors of James Joseph stoMahon, manufacturer, 56 Adelaide Road, at an adjourned meeting held vesterdav, agreed to accept ss. in the £l, and hand the estate back to mm.