BANKRUPT SALESMAN

Hawera Star, Volume L, 12 February 1931, Page 4

BANKRUPT SALESMAN

MEETING OF CREDITORS. A meeting of creditors in the bankrupt estate of Adam Pickering, salesman. of Hawera, was held yesterday. The total debts amount to £2203 8s lOd, of which £913 8s lOd is owed to unsecured and £1290 to secured creditors. The estimated value of securities is £IBSO, leaving a surplus of £560. Assets total £1875, property being valued at £IBSO and stock in trade at £25. The deficiency is estimated at £328 Bs. lOd. The creditors, after examination of bankrupt, agreed to adjourn the meeting and appointed the D.O.A. and Mr. Caplen to do what was possible in realising the property. In his statement bankrupt said that in February, 1928, he had sold his interest in the soap business he had for some time been engaged in at Fitzroy, New Plymouth. He purchased a 10acre farm a Fitzroy, paying in cash about £520 and, afterwards spending about £350 in improvements. He used the place as a pig farm, but it did not pay, and he gave it up in August, 1930, going out with only about £l4O in cash. After paying certain acounts he had only some £6O left. He had come to Hawera in September, 1930, having a house and l shop property here at the corner of Argyle and Surrey Streets. He hoped to realise on this property. He commenced in business in a small way as a car painter. After getting the business going he was called upon by the New Plymouth Finance 00., LtdL, to pay, under a guarantee he had -given, the amount of one W. Marr’s indebtedness (approximately £360) to that company. Pickering: had given that guarantee originally to assist his brother, who was in a •bakerybusiness. He met with misfortune and had to sell out, and he was unable to sell unless h© continued his guarantee on behalf of his successor, W. Marr. As the company threatened him with immediate proceedings, and as he could not realise on his Hawera property, bankrupt had no alternative but to file. The property possessed by bankrupt comprised 45.47 perches at the comer of Surrey and Argyle Streets, Hawera. On the property was a dwelling, two shops and a paint shop. The dwelling and the two ordinary shops were let at 36s weekly, the lease having about two years to ~run. The .paint shop was at present unoccupied! and ■ was worth about 25s weekly. _ Rates were £9 7s 6d per annum, while the total fire insurance on the four buildings was £I3OO. . Questioned, bankrupt said that he had no money. He was owed no money. Though he had been busy since starting His painting business in Hawera, he~had paid up old expenses with what money he received. Since December 24 he had! not paid any wages to his two employees. The unsecured creditors were shown as follow: Commercial Bank £l2O. Newton King. Ltd., £32, W. W. Thompson £9, Darby and Hannan £l3, Hospital Board £l3, Kibby and! Calgher £1 12s 6d, New Plymouth Finance Co. estimate £2OO, Nicholson, Bennett and Kirkby £2 12s 6d, Govett, Quilliam and Hutohen £5 12s 6d (all of New Plymouth). A. M. Anderson (Kaponga) £6, Mrs. A. Pickering (Rahotu). £4OO, Teagle, Smith and! Sons (Wellington) £ll, Aldridge, Ltd. (Wellington) £l2, Tingey and Co. (Wanganui) £l7 4s lOd, Mason, Struthers and Co. (Wanganui) £ls Kidd. Garrett and Co. (Auckland) £l4" C. Gibbons £ls. W. M. Thompson £ll. Hawera Hospital Board £1 Is. R. H. Leece and Co. £2 14s 6d', Fred Brunette £3 17s 6d, Hurrell Bros. £3 19s 6d, Egmont Tourist Motors £3 14s (all of Hawera). Secured creditor© were the Foresters Trustees £650 and Harry Caplen £640.