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MEETING OF CREDITORS

Waipukurau Bankruptcy From Our Own Correspondent. WAIPUKURAU, June 11. A meeting of the creditors of Letitica May Young was held this morning in the Waipukurau Courthouse. Mr G. G. Chisholm presided. Mr R. Young was present in the ab sen-eo of Mrs L. M. Young. Mrs L. M. Young's statement was as follows:— “I commenced business towards the end of 1932 as a fruiterer in liuataniwha street, 'Waipukurau, after buying out an existing business for £l5. The sum was provided by ray husband, he having disposed of his blacksmith’s business for reasons of health. “There were no other resources, and both Mr Young and I worked in the fruiterer’s shop, and although hampered from the start by lack of working capital, headway was made for a while and £35 was spent on fittings for the shop. “Later we were both laid aside by illness for varying periods, during which the business suffered. Competi lion from other sources was also a factor to bo considered, A sum of £25 had been spent in cultivating a market garden which was estimated to return about £l5O. “Unfortunately the floods of February caused the loss of the garden, and being pressed by creditors, I filed a petition in. bankruptcy.” Mrs Young could make no offer to the creditors. The statement showed the liabilities "s £470 19/7. The essets amounted to £l3B, including book debts estimated to produce £63, stock iu trade valued at £3O, and shop fittings to the value of £45 Mr Young said that bis wife had been running the shop and he had been assisting her. lie had received no wages . for the work done. . ■ The assignee said that Mr Young ' had taken an active part in the business. having provided the money to , start it. He had held correspondence i . with the various firms with which the business hud dealt. The assignee was finally empowered ' in sell the business for the host inimedi l ate offer.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/HBTRIB19360612.2.85

Bibliographic details

Hawke's Bay Tribune, Volume XXVI, Issue 152, 12 June 1936, Page 10

Word Count
329

MEETING OF CREDITORS Hawke's Bay Tribune, Volume XXVI, Issue 152, 12 June 1936, Page 10

MEETING OF CREDITORS Hawke's Bay Tribune, Volume XXVI, Issue 152, 12 June 1936, Page 10