PASTRYCOOKS FAILURE

Evening Post, Volume CXII, Issue 17, 20 July 1926, Page 15

PASTRYCOOKS FAILURE

"NO ASSETS AND PLENTY OF CREDITORS."

Too much competition, too high a rent, and too high a price for his business were the reasons that Percy Stanley Dustin gave for his bankruptcy at a meeting of creditors held yesterday afternoon before Mr. S. Tansley, Ofii'cial Assignee. The principal creditors were S. Schuster £103 and A. F. Dustin £250.

In April, 1924, the bankrupt said he took over the pastrycook's business of his brother, A. Dustin, at Hataitai. The purchase price was £800. He took over his brother's liabilities of £060 to Ellis and Manton, Ltd., and other liability or certain promissory notes. He paid one promissory note for £103 in June, 1924, one for £106 in December, 1924, and another for £60 in May, 1925. He discovered that there was a good deal of opposition in Hataitai, and when Ee found that he had paid too much for the business he began to take less interest and began to lose his grip of it. Shortly before last Christmas he had over £50 set aside with which to pay certain accounts, but the money was stolen from his premises. He had had some property in Wanganui, for which he received £400. The whole of that money had been lost, and he was now pennjless.

"It looks hopeless to me," remarked Mr. Tansley. "There are. no assets and plenty of creditors, though mostly small ones."

After discussion, tho meeting was adjourned sino die, pending further inquiries.