IN BANKRUPTCY.

Manawatu Standard, Volume XLV, Issue 141, 19 May 1925, Page 12

IN BANKRUPTCY.

CYCLE AGENT FILES.

A petition in bankruptcy lias been filed by iJajncs Orowther, cycle agent, of Shannon.

In. the statement of assets and liabilities supplied to the D.O.A. (Mr V. E. Dempsy) by bankrupt, assets are shown as totalling £122 13s 9d, with liabilities amounting to 11244 14s Bd, thus leuving a deficiency of £122 Os lid.

The assets, are compiled as under; Stock in trade, £37 6s; book debts, estimated to produce, £6O; share certificate. £25; cash ill hoard, 7s 9d.

Tho creditors in the estate and the amount duo to them are as follow:—R. 11. Dowker rnd Son £4 17s 4d; E. Reynolds and Co., Ltd., £33 17s; United States Rubber Coy., £9 17s lid; Cycle and Motor Supplies, £9 19s sd; Barnett Glass Rubber Go., £43 13s sd; N.Z. Alotor Trade Publishers, ;34 4s; Thomas Oates, £1 19s; Hutchison Engineering Coy., £2 15s 6d; James Johnston, Ltd., £ls 6s, all of Wellington; W. G. Russell, Ltd., £5 17s, N.Z. Alotor Journal £7 6s 6d, both of Auckland; International Harvester Coy., £6 16s 2d, Adams, Ltd., £22' 12s, both of Christchurch; Wells Bros. £2 Os 3d, Daw her Alotors, Ltd., £42 19s 5d # J. Warner, £3 11s Bd. all of Palmerstoir North; J. C. Milne £3 19s 6d; Kerlake and Billens £9 Is 3d, E. Allmond £1 8s 6d, all of Levin; C. C. F’ranks, £3 Is 7d; E. J. Spencer £3 11s 3d, both of Shannon. In his personal statement bankrupt states that he had been carrying on business at Shannon for the past six years, commencing with a very small capital. In 1921-22, owing tc floods affecting; trade, he had experienced a bad year and had been forced to give oromissory notes for an amount owing in order to obtain goods. He had been unrble to meet his other creditors until such notes had been met, but at the time he had been quite solvent. In February, 1923, he had removed to new premises and had undertaken motor repairs in addition to cycles. Ho had employed a mechanic at various times but had found the new departure unprofitable as most of the work had gone on to the books and he had lound difficulty in obtaining payment. For the past nine months he had only beer ordering goods where necessary and had been slowly reducing his liabilities. Hi; creditors had been taking procedings against him and he bad consequently been forced to file. During the time he had been in business he had drawn on the average £3 per week. He attributed his failure to tho large number of M counts carried on the books.