BUSINESS FAILS

Dominion, Volume 23, Issue 32, 1 November 1929, Page 15

BUSINESS FAILS

BANKRUPT ENGINEER. A petition in bankruptcy lias been filed bi’ Cameron Abercrombie Pearson, engineer, of Wellington. Bankrupt’s total debts are £428 16s. and his assets—from book debts and easli in hand —-£243 os. Oil., leaving a deficiency of £lOB 15s. 3d. The chief unsecured creditors are J. P. Smith (Napier) £165 nnd Michelin Tiro Company (Wellington) £ll3. .. In ills personal statement bankrupt said that he commenced business in Foxton witli a partner in November. 1924, and carried on until 1925. when the partnership was dissolved. Bankrupt theii curried on business on his own account until February. 1929. They originally started on borrowed capital—£3Bs for plant and £ll5 for stock, but no cash. Tlic greater part of the plant was for general engineering work. installation of electric power in the district altered matters so considerably that that part of the plant was rendered idle for the greater part of the year. The whole business was reduced to a* great extent by increased opposition, but bankrupt was confident that his present position would not have occurred if he hnd been allowed a little more time for the settlement of his business. Owing to his landlord giving him notice to quit he had no time to dispose of his business profitably. ~, , „ A meeting of creditors called for Wednesday lapped for want of a quorum.