BANKRUPTCY.

New Zealand Herald, Volume XXXIII, Issue 10133, 16 May 1896, Page 3

BANKRUPTCY.

——»■ — . Yesterday Harry Bennett made a sworn statement before the Official Assignee in Bankruptcy, in which he states that he has been a hotel-keeper for many years, and fer the last nine years licensee of the Pier Hotel, Albert-street. In April, 1886, he filed a petition in insolvency, and got a discharge in due course, In October, 1887, he took over the Pier Hotel, having no capital, the place being stocked and J furnished entirely on credit. He managed to pay his way for four years, ■when'} owing to fallinp off in business, bad debt?,, and increase of rent, he had to resort to a mortgage over the" furniture for £250 at 8 per cent. He had _to get further advances from time to time on 'the same security, until the liability now amounts to £320 for principal and interest. The selling value of the house he estimated at £400. and he owes the landlord £75. for rent. The immediate cause of filing was pressure from creditors, who obtained judgment for their debts, and to avoid being sent to gaol he sought the protection of the Court. The unsecured debts amount to £500 19s 3d, exclusive of preferential debts. Wages, £25 fts; arid rent, £7517s 2d ': total, £636 13s '5d..- The '"assets consist of stock-in-trade, £2ss (handed over to his successor); book debts, £503 2s id (mostly doubtful good debts uncertain. The landlord admits £114 due' for board and lodging, against which there is £75 17s 2d for rent. The schedule disclosed everything in the. nature of assets that he is possessed of. Being in bad health, and according to the circumstances stated,' he was prompted abandon the hotel, and the landlord is now in possession. '■'