IN BANKRUPECY.

Northern Advocate, 3 December 1923, Page 4

IN BANKRUPECY.

STEAM LAUttDBY VENTURE.

FURNITURE TRA^SIEji' MENT. . •• -.v am A meeting of creditors in the bankrupt estate of Mrs Annie Ahnigwr, who purchased the Whangjjrei Laundry frojm Mr W. H. M.farrow some time ago under agreement, took place this morning in the office of the Deputy Official Assignee, Mr E. P. Ramsay, and it was attended by following creditors:—Messrs W. H; 'M. Yarrow, A. M. Woods, K. James,'' C. Moloney, W. Hughes, and K. Osborne, by bankrupt, and her son, H. ]B. Armiger. The file showed an approximate deficiency of £103 10s., The long list' of unsecured creditors represented a sum of £262 10s 9d owing, against wlfich stock in trade had been sold for £&7 10s; book debts were estimated *to yield and cash on hand wa.s'-£4O 15s Bd. Bankrupt declared that she had owed no debts other than .those stated in her signed statement, when she had taken oyer the laundry, ghe had paid no cash or capital, and hid not borrowed any. Mr Yarrow..had given her a year in which to pay .for stock taken over, and she had had every reason to believe that she could make the business pay. No rent in advance was paid out and she had" not been pressed for it for a good while. The stock taken over was sufficient for a month's use. Some of the debts incurred since were dne to breakdown of the motor van and the engines. i n August last Mr Yarrow had retaken possession of the laundry and bankrupt left. ' ' '

Work offering was increasing and she felt certain that she and her son would have improved the position had they been allowed to remain. Only 5a a day was taken from the business for the upkeep of the home, as all the family worked at the laundiy.' Furniture in the house had been bought on hire purchase agreement from Messrs Curtis and Fraser. Oohone instalment had been paid from the proceeds of the business. She had mid others with money earned by her husband and herself. !

Asked who the furniture belonged to, bankrupt replied that it was to Messrs Curtis and Fraser until it was paid for. She declared that she 'had never sold any of it, or made a gift or transfer of any of it, upon whieh £12 18s 5d was yet owing. In reply to Mr JJamsey bankrupt said that there had never been anything drawn up by ter giving the furniture to her son. Mr Ramsey then produced a stamped' agreement of gift and bankrupt admitted that it ,had been drawn up by' her son. She had never intended it to mean anything, although she thought perhaps that if she could not : t, keep up the payments her son wrrald be able to do so. Bankrupt had left the book-keeping to her son, and although she knew the business mis not paying she had had every hope 1 of it doing better.

In reply to Mr Yarrow, bankrupt said that she could not remember being pressed to have the books audited, though Mr Yarrow may have done so. Herbert B. Armiger, bankrupt's son, said that he had teen supposed t™ draw £2 5s per week, and there was money owing to him, but how mirmh he could not say. He was quite satisfied that he had accounted for all money received in connection with the laundry. After being questioned relative to his experience in book-keeping witness declared that he had never any mention of starting a business on his own account. It was intimated that some creditors in Auckland had asked that further investigations be made and that was. agreed upon by resolution.