CREDITORS’ MEETING

Hawke's Bay Tribune, Volume XXV, Issue 67, 2 March 1935, Page 6

CREDITORS’ MEETING

Hastings Art Dealer’s Estate — DEFICIENCY OF £454 A meeting of creditors in the bankrupt estate of Marion Blennerhasset, art denier, of Hastings, was held in the Hastings Courthouse yesterday. Mr G. G. Chisholm, Official Assignee, preside:!, and there were some 12 creditors present. Bankrupt’s personal statement was as follows: 1 commenced business in November 1933, in u small shop in Heretaunga street, trading under the name of Andre Gifts, the stock-in-trade being partly art goods and furnishings made or finished by myself, and partly of similar articles purchased for resale. I put £6O of my own into the business at the outset, ami was lent further sums from time to time by relatives. During 1934 I found that 1 was not getting ahead, so believing that 1 should du considerably better by moving to a more central ami busier site, I transferred my business to a shop in Alarkcl street, and added art florist's work to what 1 had been doing. My anticipations have not been realised, ami when a distress warrant was levied I could only follow the advice given and file a petition in bankruptcy. I have np assets at all, apart from the contents of the shop, and can make no offer to my creditors. 1 attribute my failure to inexperience in business matters generally. Bankrupt’s financial statement showed debts totalling £79] 1/2, owing o unsecured creditors, with .stock-in-trade shown as an asset valued at £303. Book debts were estimated at £6 7/-, and fixtures and fittings at £3O, leaving a deficiency of £454 4/2. Miss Blennerhasset was represented by Mr IT. de Denne. Tn answer to Mr Chisholm, bankrupt said she had borrowed £450 in fou” sums of £lOO and one of £5O. The shop takings over the whole period of 15 months would be about £450. Rent ’u Kelly's Building was £2 12/6 a week, and £1 15/- a week in the previous shop. After she moved into Kellys Building she felt reason to believe that the business would eventually pay. Air A. S. Tonkin, on behalf of a creditor, stated that bankrupt’s incomings in cash and goods had amounted to £1240 on her own showing. That amount less stock in hand ami other items left a sum of about £450 to be accounted for. Of course there would b“ other items of expenditure such as advertising and lighting, but they would not account for the difference between £9OO and the takings estimated at £l5O. Bankrupt said she could not account, for the discrepancy. Mr L. F. King; The figures show that there was an average deficiency of about £7 or more a week during th«* currency of the business. Air do Denne; Inexperience has been largely the trouble here, 1 think. The meeting was then adjourned to allow an investigation of the bankrupt’s books to be made by the Official Assignee. Jt was decided to sell the stock ir hand by auction.