CREDITORS' MEETING

Evening Post, Volume CXI, Issue 105, 6 May 1931, Page 5

CREDITORS' MEETING

BANKRUPT CONFECTIONER

A 'meeting of creditors in the bankrupt estato of Thomas Edward Lim, confectioner, Island Bay, was,held at the office of the Official Assignee (Mr. S. Tansley) yesterday. The statement of accounts showed: Amount owing to unsecured creditors, £269 Is 3d; secured creditors, £300; less estimated value of securities, £100; surplus to contra, £200; stock in trade estimated at £100; cash in hand, ' £27; furniture^ £50; total assets, £177 'l6s 6d; deficiency, £291 4s 9d. The principal unsecured creditors were: Griffin, Savage, Ltd., £57; H. P. Clark, £81 6s 8d; Thompson Bros., £42 9s 3d; Dr. Childs, £21 ss; Lewisham. Hospital, £12 10s. In his sworn statement, bankrupt said that ho commenced business as a confectioner at Island Bay in Decem-, ber, 1929. He purchased the business with £300 which he h~d borrowed, and gave the lender a bill of,sale,over the stock, etc. The price of the business was £250, and the rest of tho money was used to cover legal and other expenses. His wife .managed'the business while he continued, working as a labourer on the wharE. The business declined, and his wife f was ill for some time, necessitating the employment of an assistant in tho shopl ( His average earnings on tho wharf. fell away -to %bout £2 a week. , > ' In reply to questions, bankrupt said lhat some of the entries in .-his, books related to his position .as an agent in connection with betting transactions. Tho confectionery business began ,to fall off1 very much about' August last. The amount of commission he'received as an agent in relation to' racing was small.' i , ' Tho Official Assignee said the books produced did not show what'had become of all the money. Bankrupt, it appeared, had boon living- rent free; then thero were tho shop takings and the amount'earned.on tho wharf. A legal opinion would be obtained as to the position of tho bill 'of sale over the floating stock. . , After some discussion, a resolution was passed that bankrupt prepare a. statement of his receipts and expenditure since he started business at Island Bay. The Official-Assignee said he would call another meeting on receipt of that statement, r. ' ' ' . '