LOSSES IN BUSINESS.

New Zealand Herald, Volume LXI, Issue 18630, 11 February 1924, Page 8

LOSSES IN BUSINESS.

COMPANY MANAGER'S ESTATE STATEMENT BY BANKRUPT. A petition in bankruptcy has been filed by Edward Southby Wheeler, of Auckland, company manager. The statement of assets and liabilities shows debts to unsecured creditors totalling £2685, and to secured creditors £3595. The securities are valued at £4636. The assets total £2670, consisting of cash held by the liquidator of Wheelers Stores, Ltd., £1200, promissory notes £400, shares in a woollen mill £30, and surplus over securities.

The bankrupt in a written statement to the official assignee attributes his failure to financial rosponsibilites in connecton with the business of Wheelers Stores, Ltd., of which he was founder and managing director. He states that early last year, when he realised that the business had lost heavily, he raised all the money he possibly could, including advances on his life insurance policies, and puft it into the company wthout any security. Further, to prove his bona fides, he took up a block of shares upon which he paid only Is, creating for himself a further liability of 19s a share.- Notwithstanding his efforts th« business was forced into liquidation on November 5, 1923. Since that date bankrupt had been at the disposal of the liquidator and his committee. He had also had two meetings of his private creditors, and had been fully examined upon his affairs by them and their solicitors. It appeared to him that efforts were being made to. prevent him leaving Auckland to take up a position in Sydney, which ha was expected to fill by the middle of March.

The first meeting of creditors in the estate is fixed for Wednesday at 11 a.m.