ISLAND BAY FAILURE

Dominion, Volume 24, Issue 187, 6 May 1931, Page 2

ISLAND BAY FAILURE

Bankrupt Confectioner His wife’s ill-health, the slump in tradb ami slackness of work on the waterfront were the reasons given >by Thomas Edward Lira, confectioner, 121 The Parade, Island Bay, for his appearance before the Official Assignee in Bankruptcy, Mr. >S. Tansley, yesterday. The statement submitted by bankrupt showed debts totalling £409/1/3, and assets £177/16/6, leaving a deficiency of £291/4/9. The principal creditors were Thompson Bros. £42, Griffin, Savage, Ltd., £57, Nestle Anglo Swiss Co. £l7, Biiiiniityno and Hunter £lO, Cadbury, Fry and Hudson £ll, H. F. Clark £Bl, Dr. Childs £2l, Lewisham Hospital £l2 10/-. L. Glover was a creditor for £3OO, against which lie held security for £lOO. Debtor said he purchased the business for £3OO in December. 1929, the money being advanced by Mr. L. Glover, for which be gave a bill of sale over stock, fittings and furniture. His wife managed the business While he continued his work on tho waterfront. His wife’s ill-health made it necessary to have help, aiid his expenses were heavy. The slump made things worse. His earnings on the waterfront averaged only £2 a week.

Some of the creditors present thought that proper records of trading transactions had not been kept, and a question was raised as to whether a bill of sale over floating stock was good. The bank pass book was not among the books handed over to the Official Assignee, who remarked, “Ninety per cent, of the bankrupts fail to bring the books we want.” The hearing was adjourned for the debtor to prepare a statement of receipts and expenditure, and to enable the. Official Assignee to make inquiries regarding the bill of sale.