IN BANKRUPTCY

Manawatu Standard, Volume LV, Issue 304, 21 November 1935, Page 3

IN BANKRUPTCY

FISHMONGER FILES. MEETING ADJOURNED. A meeting of creditors in the bankrupt estate of Ivan Pivac, fishmonger, of Hamilton, and formerly of Broadway, Palmerston North, was held before the Deputy Official Assignee (Mr F. C. Litchfield) yesterday, when there were present the bankrupt and his solicitor (Mr T. F. Relling), Mr L. G. H. Sinclair, representing Mrs Dixon, and Mr T. M. N. Rodgers, representing Napier Fisheries Co., Ltd. In his personal statement bankrupt stated that in March, 1931, with a partner, Joseph Lettica, he had started business in Broadway as a restaurant proprietor. Ho had put £2OO into the business and his partner about £l6O. The business had been purchased for £3OO, which was paid. It had been necessary to renovate the shop and to purchase crockery and cutlery, etc. After about nine months the partnership had been dissolved and bankrupt had bought Lettica’s interest for £2OO cash. At that time he had put a further £SO into the business to get more stock and to pay. accounts. He had over £450 in cash before going into tile business and had then no debts. The business, had paid its way up to the end of 1931. The depression _ had then become worse and the business had fallen away. He had kept paying as much as he could hut could not live and pay all he owed. He had a family of six children, three being born in Palmerston North. Business had improved a little last March, but about June three other new fish shops had started and his trade had dwindled. 'He had tried to sell but was unable to do so. He bad got behind in the rent and rates and the landlord bail nut in the bailiff. He now had a job on wages at about £3 per week in Hamilton, but could not make any offer to his creditors as he had no money and no property.

The financial statement showed that assets had been estimated at £J 80, stock and fittings being set down at £l4O and the furniture at his home at £4O. The amount due to unsecured creditors was £557 5s 2d, leaving a deficiency of £377 5s 2d. Local creditors affected were: —City Council, £B7 0s 8d; Mrs D. Dixon, £9B; W. H. Boon, £l6; J. S. Jenkinson, £24 6s 3d; Boniface Bros., £2 8s 4d; E. F. Bee, 18s ; Dominion Auctioneering Cov., £ll 11s Id; Manawatu Meat Cov., £5 0s 9d; W. A. Kyle. £1 12s 6d f Orchards, LM,, £2 0s 3d; J. L. Bennett, Ltd.. £1 9s 3d; C. Gray, £5 12s 6d; G. C. Hastings, £4 17s 6cl; E. B. Jennings, £4B; Barnao Bros., £2 3s Gd; J D. Jakich, £10: F. W. Pullvn, £1 10s: .1. R. Wood. Ltd.. £2 10s; Drs. Will and Mitchell. £8 8s; Dr. Peach, £5 ss; Dr. Durward, £1 Is. The D.O.A. reported that the assets had been over-estimated, the shon fittings having brought only £SB 3s 8d and the house furniture, £7 15s. 11l reply to Mr Sinclair, .bankrupt explained that he had not yet. started in his new position in Hamilton, hut expected to receive a wage of about £3. There was little prospect of his finding a better job meantime. To Mr Rodgers bankrupt said he had once had an offer of £2OO for the business, but* the intending purchaser had gone away. To the D.O.A. bankrupt stated that he had done a little betting, but it had not cost him any money. Mr Jennings had his hooks. llis day book was written up. To Mr Sinclair, bankrupt explained that he had not drawn any set salary. He had merely drawn for his immediate needs. The meeting was then adjourned sine die.