IN BANKRUPTCY.

Gisborne Times, Volume LX, Issue 9798, 7 May 1924, Page 2

IN BANKRUPTCY.

ESTATE OF R. JOHNSON

.The statement in bankruptcy made to tho Deputy Official Assignee (Mr. O. Blackburn) by Robert Johnson, mercer, is as follows: “I commenced business in Gisborne in August 1917. I started with a capital of £2OO and for some years did very well and gradually acquired a very* good stock. However, when the slump came, I was- caught with too big a stock and my creditors commenced to press me, so that I could not prefer some to others and 1 mado up my mind to offer a compromise. This offer was not accepted, and at 0 a meeting of my Auckhxnd creditors a resolution was passed that 1 should file and accordingly 1 have done »o. I think that my estimation of the stock and book debts is a fair one and that my creditors shoixld realise a substantial dividend in the £*. jvs regards the value of the lease, it is difficult to say whether it is worm more or less than £2OO, bxit I think it- should bo worth that amount if any person desired to start a drapery business in that locality.” The schedule of his financial atfairs shows that £2273 17s lid is owing to unsecured debts to secured creditors amount to £6OO, while the estimated value of securities is also £6OO. The total debts, therefore, aggregate £2273 17s lid. Tiie total assets amount to £lBOl i.s including stock in trade in Gladstone road shop £llOO, book debts totalling -£350 (estimated to produce £300), cash in hand £43 17s, cash in No. 2 account at bank liable to be set off by debt of No. 1 account £137, l'urnituro £2l, and property £2OO, leaving a deficiency of £472 0s lid. The unsecured creditors arc: Bing Harris and Co., Wellington, £227 os 3d; Wellington Woollen Manufacturing Co., ’£l93 13s 2d; Samuel and Kelly, Wellington, £llß 3s 9d; Cathie and Sons, Wellington, £74 3s 3d; Daws and Manclsley, Wellington, £23 6s; I. Myers Ltd., Wellington, £4 11s; Ross and Glondinning, Auckland, £llß 9s Id; Mucky, Logan and Caldwell, £Bl 11s 7d; Kaiapoi Woollen Co., Auckland, £77 5s Id; Albert Wooley Ltd., Auckland, £77 3s 9d; Sargood Son and Ewon, £53 9s Lid; Ambler and -Go., £SO 12s 6d; .John P. Hootton and Co., £-12 12s 3d; Archibald Clarke and Sons £l5O 17s -Id; Parisian Neckwear Co., £l9 17s; j (I.S. Gentles Co., Obristcliurcb, £26; j Lutterworth and Co., Dunedin, £l2l |4s gd; Gisborne Publishing Co., ;bu3 | I.os Del; F. Hall aiul Sons, £2B 19s Del; Dawson and Mandsley, Wellington', £7l; Gisborne Borough Council (rates preferential) £35 2s; Picture palace Co. (rent) £52; . Mrs E. 11. Joluison £600; Roberts Ltd., Wellington, £6B 9s; McGruer and Co., Gisboime, £2; .1. J. Abel, Wellington, £lO 2s 6d. The secured creditors are: National Bank, Gffiborne, secured by guarantee given by Mrs Johnson, also collateral mortgage, over house and section at Whataupoko, £6OO. There is to niv credit in a No. 2 account at the bank £137. I understand this sum can be transferred by the bank to credit of the above debt, making ! it approximately £463. The real estate consists of tho lease of shop'and premises from the Picture Palace Co. for S.V years to run, rent £5 per week, the last five 1 years to he ascertained by arbitraj tion. The estimated value of the | goodwill is set down at £2OO.