BANKRUPT BUS-PROPRIETOR

Greymouth Evening Star, 8 July 1932, Page 9

BANKRUPT BUS-PROPRIETOR

CREDITORS’ MEETING. A meeting of creditors in the bankrupt estate of Wilfred Cecil Kennedy, bus proprietor was called by the Deputy Official Assignee, Mr A. Naylor, this afternoon. Bankrupt, who was represented by Mr G. A. Revell, disclosed liabilities amounting to £1092/17/10, all his creditors being unsecured, and his assets nil. Two creditors attended the meeting, but as these did not constitute a quorum, the Deputy Official Assignee adjourned the meeting sine die. The list of unsecured creditors is as follows: —(Christchurch) —J. J. Niven and Company 18/6; Oakley and Sons Ltd £9/16/6; E. W. Pidgeon and Co. Ltd.’, £52/5/9; Texas Company (Aust.) Ltd. £322/6/6; Van ’ Osselaef and Morison £202/0/10; (Wellington).—lnglis Bros. Ltd., (in liquidation) 13/4; M. Michelin and Co. Ltd., £l9/1/4; Vacuum Oil Co. Ltd., £3/9/-; (Greymouth). —E. Airey £l3 11/3; T. Bz Baty Ltd. £l/13/9; Buchanan Motor Works £lO/2/6; John Burns and Co. Ltd., £l/9/6; W. Costello £l/9/-; Dispatch Foundry Co. Ltd., £7/17/9; AV. Greenhill and Co. £l/3/9; Greymouth Evening Star Co. Ltd., £l2/18/9; Greymouth Motors Ltd., £6/0/6; Grey River Argus Co. Ltd., £6/2/6; Guinness and Kitchingham £l2/11/5; Harley and Co. Ltd, £2/10/-; Highways Board (traffic fees) £34/9/-; Kennedy Bros £312/10/9; J. Low £7/10/-; J. MacLeod £l9; Schaef’s Garage £1 9/6; West Coast A. and P. Association £l7/10/-; G. Wright (Blackball) £lo.—Total £1092/17/10.

Bankrupt, in his statement, said: — In January, 1930, I started a motor bus service running to Cobden and Blackball. I purchased buses from Adams Bros. Ltd., Christchurch, and Messrs Hall andl Coote, of Nelson, and Messrs Inglis Bros., Ltd., under hirer purchase agreements. I ran these buses for eighteen months, and during that time I paid a total of £1842/3/9 off my liability to Hall and Coote and Adams Bros, in addition to money paid to Inglis Bros. Owing, however, to the coal trade becoming slack in January, 1931, I anticipated difficulty in meeting payments and arranged with Adams Ltd. for extension of certain of their promissory notes. Notwithstanding such extension they seized their buses in June, 1931, after I had failed to meet an instalment, which fell due in April, 1931, and Hall and Coote followed suit. I had paid Hall and Coote £656/9/- and Adams Bros. Ltd. £llB5/14/8 up to the time of seizure. The seizure of these buses left me with only one bus to carry on my business. I held a meeting of my creditors in August, 1931, and received very favourable consideration from the majority and encouragement to carry on. I made arrangements to acquire three Mason Road King buses under hire purchase in anticipation of being able to carry on as the prospects were good. The initial expenses on these three buses in the matter of freight, license fees, registration and heavy traffic fees were heavy, but I had no doubt then that I would be able to make good. However,* six weeks after I started, the Dobson mine closed down, and was closed for some months. Laterly it has been working only intermittently. This was my main run, and the closing of the mine caused such a falling-off in my business that I was unable to pay the heavy traffic fees as they fell due for the current year. In addition to the closing of the mines the' extremely onerdus conditions imposed upon me under the Transport Licensing Act necessitating the expenditure of about £ 350 on my buses, made it impossible for me to carry on. I tried to raise the money, but could not, and have had to go out of business. The buses have all been held by me under conditional purchase agreements and have all been repossessed by the owner so that I am left without any assets with which to liquidate my debts.