Unfortunate Bankruptcy

Manawatu Times, Volume 63, Issue 64, 17 March 1938, Page 9

Unfortunate Bankruptcy

FACILITATION OF DISCHARGE A meeting of creditors in the bankrupt estate of Ernest Westley Walters, of Palmerston. North, butcher, was held yesterday afternoon, the D.O.A. (Mr F. C. Litchfield) presiding. Bankrupt’s financial statement disclosed a deficency of £SOB 17s 9d. The only assets apart from securities in the hands of secured creditors were book debts, estimated to produce £3O. Owing to unsecured creditors was a total of £463 17b 9d and to secured creditors £IOO (less £25 as estimated value of securities).

The principal unsecured creditors were: Mrs E. S. Belling, £193 7s Sd; J. Puklowski, £170; New Zealand Farmers’ Co-op. Distributing Co., Ltd., £IS 5s 4d; New Zealand Loan and Mercantile Agency Co., Ltd., £l3 2s 6d; Palmerston North. City Council, £9 9s 2d; A. Schwamm, £25.

In his personal statement bankrupt said he was a widower, 67 years of age. He commenced business on December 1, 1928, at which date he had no debts. He had of his own money about £l3O, and as far as he could recall, he paid a sum of £7O in cash on the taking over of the business in Cuba street. He took over tho business subject to a bill of sale for £IOO on the fittings, drattels, etc. This bill of sale was still in existence. After completing the purchase he had £6O left, and this had all been spent in connection with the business. He had never been a smoker, drinker, gambler or guilty of any extravagant practice. He had never drawn as much as wages from the business, but had drawn his board and sufficient for clothing. He had never had a holiday during the period he held the business in Cuba street. He had found it impossible to pay his debts and had been advised that the best course was to file

his petition. The business had been a losing proposition for the last five years and had never been a flourishing one. He had no furniture, motor-vehicles, cash or money in the bank and no other assets whatever. All meat sold had gone through his books. The D.O.A. commented it appeared that the book debts would not realise anywhere near £3O. Mr T. F. Belling (representing the biggest creditor) stated that bankrupt had had a hard time. He was satisfied that he had done what he could under the circumstances. On the motion of Mr Belling, it was decided that every facility be given bankrupt to enable him to obtain his discharge.