BANKRUPTCY CASES.

New Zealand Herald, Volume LI, Issue 15549, 5 March 1914, Page 5

BANKRUPTCY CASES.

STOREKEEPER'S POSITION. INQUIRIES TO BE MADE. A meeting of creditors in the estate of Charles B. Wheeler, storekeeper, Archhill was held yesterday, and presided over by Mr. W. S. Fisher, official assignee. The bankrupt stated that his liabilities totalled £1511 9s 9d and his assets £465 18s 2d. leaving a deficiency of £1045 lis 7d. He was a saddler by trade, but owing to ill-health had given up his work about eight years ago. He then opened a small store in the Great North Road, doing fairly well for the first 18 months! Then he bought a larger business, and did well for three years, but then he began to experience some difficulty in meeting his engagements. For this be could advance no reason except that on one or two occasions he had suspicions involving the honesty of his employees. For the last 3£ years, owing to want of ready money, he had been unable to claim the bulk of the trade discount. The official assignee was instructed to obtain the Crown Solicitor's opinion as to the position of the proof of debt of Mr. H. G. Whitmore, and as to the position of that creditor in regard to an alleged partnership with the bankrupt. The matter of realising on the stock was left to the official assignee and Mr. I. Clark. GUMBROKEES' FAILURE. SLUMP IN THE MARKET. The statement of Harry Whistance, trading as H. Whistance and Co., gum brokers, of Auckland, who has filed a petition in bankruptcy, shows that the total debts amount to £618 18s, owing to - unsecured creditors. Assets are set down as £144 8s 3d. made up of stock-in-trade, £34 8s 3d; plant and fixtures, £20; and book debts to the amount of £162 Is sd. estimated to produce £90. Thus the deficiency is £474 9s 9d. Bankrupt says after he went into business a considerable slump occurred in the gum market, and this caused him a loss of from £500 to £600. The balance of the liabilities were made np of the exnenses of running the business for eight months.