BANKRUPT FRUITERER

Northern Advocate, 28 October 1932, Page 9

BANKRUPT FRUITERER

MET CREDITORS TODAY. DISCHARGE TO BE FACILITATED. ■ A meeting of the creditors of Ernest Deamor, a fruiterer and confectioner of Upper Bank Street, Avas held before the Oibcial Assignee, Mr A. L. - Trcsiddor, this morning, and a resolution vas passed that bankrupt's discharge be facilitated and put through as soon as possible. Mr R. K. Trimmer appeared for bankrupt. Bankrupt’s schedule shoAved that the amount oAving to unsecured creditors AA’as £2ll l-’./S, while assets amounted to £l4O ti/S, making a deficiency of £6:”) 7/. In his statement, Drainer attributed his failure to excessive rent (£4 a. week), the dilapidated appearance, of tlie shop fro'nt, strong competition, and the general depression. He stated that ho 'bought the business in 1927 as a going concern, paying £250 for it. He did A'cry Avell for the first two years but then his turn-oA-er began to drop, through the depression. Price cutting also started. With the excessiA'e rent lie found it hard to hold His own during the folloAving year. During the past 21 months his turnover dropped, with the result that he got behind with the merchants and lost discount. The landlord reduced the rent 5/ a Aveek, but lie got into arrears. On October 10 lie promised to give his landlord a cheque on October 12, but the owner refused to wait, and put the bailiff in. To protect the other creditors, bankrupt filed. He felt sure that had the landlord agreed to take oA'er the garden at the valuation, of the crops at the expiration of his lease in December, and tlm assets, plus the 20 per cent reduction in rent, due from April I, he Avon Id have been able to come out square. Bankrupt said that he had asked the landlord to reduce ,thc rent by 20 per cent; as authorised by the Act, but he had not done so.

Mr Tresidder: “That seems wrong to me. ’ ’

Mr Spencer Gay, who appeared on behalf of the landlord, said the 20 per cent had been allowed from June 13.

An arrangement was reached whereby the landlord took over the shop, plant, stock, and everything except the truck, tools, cultivator and the furniture, as acceptance for the outstanding rent. It was decided to hand the furniture, cultivator and truck back to bankrupt, and a, motion was passed that bankrupt’s discharge be facilitated.