A HAWERA BANKRUPTCY

Hawera Star, Volume L, 5 August 1930, Page 6

A HAWERA BANKRUPTCY

-MACHINERY FITTER. FAIIiS '*> INIO OiFFEIR 'TO GREDITOR'S A meeting of creditors in the banlkrupt estate of Francis William Sfhae'kleto'n, of 'Hawera, fitter, was •held! in Hawera. yesterday at the office of the Deputy Official Assignee (Mr 'R. S'. Sage). Bankrupt was represented by Mr T. A. Kinmont, and Messrs L. A. Taylor and 1 >C. D. ArlkTge attended on behalf of Ah Chang and Mr W. G. Patten respectivelyI—creditors 1 —creditors in the estate.

Liabilities to unsecured creditors amounted to £143 Is 4d, the only assets being £9 15s held! 'by Mr !C. D. Arlidge as trustee for creditors agreeing to an arrangement for payment by instalments, leaving a derficienev o'f £133 6s 43,

The unsecured 'creditors are: E. Gray (Pungarehu) £SO, lE. M. Walcott (Auckland) £6 Ss 7d, J. GB. Gilbert! and Sons (Wangahui) £3 9s, A. T. Burt, Ltd. (Wellington) £2 2s 3d, G. F. Pulley (Wellington) £4 6s 3d ; , (Goodrich Service (New Plymouth) £l3 Os 10d, W. A. Parkinson and! 'Co., Ltd. £3 7s Oil, Electric Eight (Co. £1 'l4s, Union Foundries £8 13s, Taranaki Trade Association: £4 '3s, Para. Rubber 'Co. £3 'IPs, IT. E. Kemlp £3' TPs 2d. A. IT. S. Podge £1 4s 6d, 18. 'll. Westwood £2 Ids Pd, Grant and! Co. £7 13s (hi, W. G. Patten £l'3 I'os, Egm'ont .Box Co. £4 15s Id, Farmers •* 'Co-op. Organisation £1 ss, \V. J. Bright £1 15s (all of (Hawera) ; Ongar uo Pumice Supplies £2 Ss. 'New Zealand Canister Co. £1 14s 4d, Excelsior Supplies 12 s 1 7d.

BANKRUPT IS' 'STATEMENT Bankrupt’s written statement presented was to the effect that for some six years up to the beginning of March, TP3O, he was engaged in the (business of manufacturing -soap, floor polish and other goodLs of a! similar nature. The major portion of the busdn:ess»was confined to Wanganui, the mountain districts and New Plymouth, his 1 connc'cti'on in Wangnnui being particularly good until a larger firm! commen'ccd operations on a credit system, against which he evus unable to compete owing to a lack of capital, operating a's he was, mainly on a cash basis. In 1927

a company w.vs formed in. New Plymouth for the •manufnefure of similar goods, and 'this so damaged his trade that, without the necessary capital, he could not successfully compete, although 'he employed no labour. In spite of opposition he made a! fairly good! living 'from the 'business until approximately twelve months ago, when ho (began to feel the offelcts off opposition, Up' to that time he drew from his (business some £5 5s weekly, out- of which £1 15s pe!r week was- absorbed in shop and house rent, the balance being utilised! for the support of his wife and four children. In 'September, 11929, the majority of creditors in the estate agreed to allow bankrupt tim'c to meet his l liabilities by monthly payments of 39s to a trustee appointed, the payments ! to be distributed pro rata. (In this ‘manner £9 'lss had l been paid. (Same two mouths later bankrupt iwas obliged by the opposition to cease his business, and had since been earning casual wages for fitting milking machines, which on account of being not 'continuous had proved' scarcely renumerative enough to provide bare necessities. iSeveiral creditors' took judgment against, him, later issuing judgment summonses, and he found he could not meet his monthly payments of 39s and pay pressing creditors 1 . He attributed his failure bo the opposition of large firms operating on a credit system; and to the unwillingness oil: several of his creditors to afford! an. Opportunity of meeting his liabilities, by small extended payments. Tn answer to Mr ‘Taylor, bankrupt said he was discharged from bankruptcy six years ago. Beyond a bank pass-book he kept no record! of his 1 business trnnsn'etions, 'as (his' business was purely of a cash nature. He 'had not manufactured soap 'for about six months and had no stork in trade. A motor vehicle used for business purposes was obtained under a hire purchase clause, but had been returned to the 'vendor at Eltham j The funvituro"ini bankrupt 's residence belonged to his wife. In reply to the DjO.A., bankrupt said he could make no offer to his creditors. On the understanding that, bankrupt should ,preduce his bank pass-book to the DJO.A., the meeting was adjourned sine die.