BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9241, 19 December 1888, Page 6

BANKRUPTCY.

DEBTORS' EXAMINATIONS.

E. McKeown.—Edward McKeown, bankrupt, made the following statement before the Official Assignee yesterday : —I am a, baker by trade, and carried on a successful business for over 13 years. For some years prior to October, J 886, I was in possession of one of the Harbour Board leases on the Queen - street Wharf ; and, although I was doing an excellent business, the high rental of £13 per week and "taxes against the place at this time, crippled my profits to such an extent that I sold out and bought premises at Newmarket. To do this I had to seek the aid of my wife, who had some property at Remuera, for which she had paid over £700 between three and four years ago. She gave this security to the bank for an overdraft of £400. In consideration of this, it was arranged that the business was to be carried on in her name, and she has ever since received all moneys, and signed cheques, etc., although my name was over the door. I managed the bakehouse whilst she looked after the shop. All goods were ordered in her name, and accounts were rendered to her. This only applies to the Newmarket business. The premises in Newmarket had previously been occupied by a baker, who had given up business, and, it was understood, was not likely to resume it in the locality. In selling the Wharf lease, I stipulated with the purchaser not to deliver bread within three miles of the place. Thus I parted with all my old customers. After spending £300 on the Newmarket premises, and within two months of opening, my predecessor started business again in the same block, and took all the customers I expected to have. I held on in the hope of working up a business, but the result of the eighteen months'experience is a loss of over £700. The immediate cause of my filing (which I was advised to do conjointly with my wife) was the action of three or four of the creditors,, who proceeded against me and got judgment. The unsecured liabilities amount to £1203 13s Cd, of which £489 belongs to the Queen-street Wharf business, and the balance, £714 13s 6d, to Newmarket. Tho secured liabilities amount to £632, and the value of the securities is £780, but it does not represent all. The unencumbered assets are estimated at £193 15 s. M. McKeown. —Mrs. Maria McKeown, who also filed a petition of insolvency, confirmed the above statement made by her husband. ■