CONFECTIONER FAILS.

Gisborne Times, Volume LXVII, Issue 10564, 18 April 1928, Page 6

CONFECTIONER FAILS.

MRS. E. HEAD’S BANKRUPTCY

STATEMENT OF POSITION

•'.The reasons for failure of the confectionery and registry office business conducted by Mrs. E. Head, who has filed a petition in bankruptcy, were outlined in her statement, submitted tu the Deputy-Official Assignee (Mr. C.‘ Blackburn) yesterday. Bankrupt stated:— ■“ln December, 1925, il commenced business at 315 Gladstone Road as a confectioner, also as a registry office. 1 was there for 18 months. During the greater part of this time I was ill which cost me a considerable sum. In June, 1927, I took a lease from the Union Bank and ran this shop in conjunction with the top shop. _ I had borrowed from Mr Kcbcke £250, plus £SO to be added for interest on the top shop and only owed him £75 when 1 took the bottom shop. Most of my trading accounts were paid then." From that date on I have been more or less indisposed and have not been able to give the personal supervision that was necessary. Jfn fact, 1 tinctured my ankle in Wellington and was unable to attend to my business lor’ several months. I discovered on March 23. 1928, that my financial position was not too sound and 1 immediately arranged for a private meeting of iny principal creditors, and this meeting was held by me in Mr. M. Fry’s office. It was agreed at that or a subsequent meeting that Mr. Cleave, one of the creditors, was to interview two of the main creditors in Auckland, to see if they would pay oil' Mr Robcke. The secured creditor, Mr. McKinnon, was asked to manage the busimtf's for a few days pending a reply f || m Auckland, and he was given authority to pay all current expenses. A payment to Mr. Robcke fell due on Thursday, April 5, but this was not paid by Mr. McKinnon. Consequently the secured creditor entered into jxissessioii of my premises immediately. I am, therefore. compelled to file to protect mv other creditors. It is with the greatest regret that-I do so, as lam absolutely convinced that, within twelve months, all my creditors would have been paid in full and 1 would still tiave had the business for myself. In fact, 1 say without fear of contradiction, that, if certain creditors had been reasonable to me, this position would never have arisen.” 'Hie statement of finances shows that £1214 11s 8d is owing to unsecured creditors, and £393 6s Id to a secured creditor, the value of securities being estimated at £339 4s 6d leaving a deficiency under the secured debt of £54 Is 7d, the total debts being £1,263 12s 3d. The assets include stock in trade the* estimated value of which is £IG2. book debts £195 18s lid, estimated to produce £l9ss Bs, cash in hand £25 TOs 7d, furniture £2l 16s 6d, meter deposits £3 10s, shop fittings £3(M 4s fid, aud top shop fittings £35, both of which are deducted from the liabilities to .secured Preferential claims amount to £3O 9s 2d, leaving the aggregate of the assets ct £2Ol 13s 7d. The deficiency shown is £1,060 18s Bd. Unsecured creditors are as follows : Thus. Adams. £l2 Is Sd : Aspey and Co.. Ltd., Hastings, £6_l4s lOd: Bannatyne, Hunter, Ltd., Wel.ington. £6 17s lOd: Fred Berwick. £l6 17s lOd : D. J. Barrv, Ltd.. £lO 2s lid; P. B. Bell. £o IDs 7d: Bell Coal Co.. £l4; C. G. BI core. £l2: Brosnalian and Beaufov, £7: Dr. Brown, £2 6s; J. Cleave, ‘ Auckland, £203 Os 2d: Coleman and Son, £4 13s fid : Collett Motors, Ltd. £96 7s lid ; C'bok Hospital Board, £1 Is; C. Gust, 17s 4d: D'e Luxe Motor Service.. £1 Is ; Dominion Scale and Cash Register Co., Wellington. £lO 15s 2d; East Coast Motors. Ltd., 12s fid; A. J. Entncan urid Co., Ltd.. Auckland. £6 10s; W. Findlay. £-5 14s 4d; Frees!a Milk and Ice Cream Co., £ll 4s 8d : Max R. Fry, 6d: Gisborne Fruit Exchange. 15s; Gisborne Gas Co.. £3 16s fid: Gisborne Harbor Board, lls; Gisborne Publish lr >g Co.. £2l fis 4d; C. E. Grey, £1 18s Sd; Griffin and Sons. , „ £6 Us Hd; W. M. Hall, £1 7s 6d, Hawke’s Bay Motor Co., Wairoa, £1; Hetherington and Brodio, £1 19s; J. C. Hutton, Ltd., Wellington. • H. B : . Humphrey. £1 2s; Dr. ICahlenberg, 12s fid;' Kretschmans, Ltd., Auckland, £5 los: -J. J. MacDonald, £l9 los 3d; A. W. J. Mann, £5 Is Id; 11. Martin, £lO 4s 3d; Mathewson’s. Ltd.. 10s 6d; J. A. Messenger, Ltd., Auckland, £1 18s fid; Murray, Roberts and Co., Ltd., £296 Is ; McGruer’s, Ltd., £6l 7s 9d: J. E. McKinley and Co., £4 14s 3d; W. McKinnon, £6 5s 5d ; H. D. McNeill £lO 7s 7d; Harold Nelson £3 4s 6d; N.Z. Picture Supplies, Ltd., £6; Palace Picture Co., £4 12s 6d; Pantorium Laundry, 12s; Parnell, Ltd., 8s 8d; Wm. Pettie and Co., Ltd., £8 19s 6d, £8 19s 6d; S. H. Phillips and Co., £lo' lls lOd; .J. Poplo and Son, Auckland, £4B 1/s 5d : P. and T. Department, £2 _l6s 7d: P.B. Cricket Association, los; P.B. Herald Co.. Ltd., £1 10s: P.B, Electric Power Board. £4 7s 6d: Reliance Printery, Ltd., Auckland, £8 4s Id : Renner and Sutherland, £2 8s lid : John Rigg and Co.. Ltd.. Auckland, £B7 5s 6d : J. D. Roberts, Ltd., Auckland, £llO 2s 6d; Edgar Ross, £1 13s; J. Sealy, £lO 18s 3d: Smith Bros., £ls 4s 6d: Stevens, Mahoney and Co . Gs 6d; Standard Insurance Co £l3 Is 2d; Stitchbury. Ltd., Wellington, £93 17s -3d; H. Stewart, £1 los; 'Sun Insurance Office, £4_los: Sutcliffe. Telfer and Forbes, £5 os Id ; Te Ran Press, £6 9s: Thomson and Son, £1; Vidal and Sons, Hastings, £2 15s; G. S. Vincent, £1 17s; Williams and Kettle. £o 14s 3d; Whitfield and Kennedy, £4 17s; Whitfield’s Motor Sendee, £1 12s 6d.— Total £1385 16s Bd. Deductions of Ciirisp and Sons’ account fqr_ £5 os fid, and adjustments on Griffin and Sons’, and Murray, Roberts and Co.’s accounts £ls 19s fid, and account due by J. A. Head £l5O, amounting in all to £l7l ss’, leaves a total oi £1214 lls Sd. The secured • creditor is C. Robcke, of Manutuke. roadman. £393 6s Id. the estimated value of the security being £339 4s fid. Preferential creditors’ claims are: Max Fry, £lB 8s od ; National Bank of New Zealand, amount overdrawn. £8 6s; Union Bank, balance rent, £3 14s. These debts were contracted during the period when composition was being sought.