A GROCER'S FAILURE

Evening Post, Volume CVII, Issue 24, 29 January 1924, Page 9

A GROCER'S FAILURE

In his sworn statement, furnished to the Official Assignee, Alfred Webb, grocer, formerly of Newtown, at a statutory meeting yesterday, explained the reasons' for his failnre in business. He said he had no assets, and his liabilities were set down, at £87. His only unsecured creditor was Moore and Wilson and Co , the amount being as stated. Webb said he was a married man with three children. In August, 1922, he started business as a grocer at Newtown. it being his first business venture. He had no capital, but a relative advanced him the money, for which he paid interest at the rate of 6 per cent. He paid £172 for stock, £126 for fixings, £80 for goodwill, and he took the premises over for a term of five years at a weekly rental of £4.', At' the beginning of December he realised that the business was not payingj and got behind with his payments, and the Christmas trade did not comeup to expectations. In January a trm issued a summons against him, and he made unsuccessful endeavours to j?et an extension of time. A meeting of creditors was called, and after the position haa been put before them a deed of assignment was approved and signed by those present. The trustees immediately took possession of the stock and premises, and bankrupt vacated the premises within a week. He was nearly two months out of worfr, and finally 'got' employment at a wage of £4 10s a week. In November Mr. Moore launched a petition m bankruptcy against him and succeeded. Bankrupt attributed his failure to inexperience in the grocery trade, and to tne fact that at't&e time he started, other shops were able to sell their Roods for less than bankrupt could buy them. p v ASf T ™me discUMi°n a motion moved by Mr. Moore that the books be audited wasfcaccepted by the Official Assignee '