TINSMITH'S FAILURE.

New Zealand Herald, Volume LXII, Issue 19209, 24 December 1925, Page 9

TINSMITH'S FAILURE.

SUPPLYING RETAIL TRADE. START ON SMALL CAPITAL, A meeting in the bankruptcy estate of Jotm Humphries Edwards and Claude Winton Kirk (Mr. Hagheni who traded in partnership as metal workers under the ■■style ..of the . Newton ■ Sheet - Metal, Works., was held yesterday. Only two creditors attended. The firm's sehedaie showed unsecured debts £433. and secured' ..debts £I4S on secarlties valued at. that .amount. The assets were-.staied at £235, .of. which £250. was set down far machinery and tools. Edwards' .'separate statement showed unsecured liabilities,. £l3 TQs and secured £IBOO, the security being a farm property raised at £iSGQ,. and .the assets 20 shares in the Farmers' Unic§ Trading Company. Kirk's personal labilities were nil, and his assets were four shares in the Northern Co-operatise Building Society,- £ll 12s.

la their jkU&eb .ststaeaeat bankrupts said thev started business w July, 1924, having a. capital ci £SS between them. The first sis months shewed a progj bat alter' -- tbat they 'started to go back. On .con■saiiiag their" largest crwiiwar they were ' advised to file and did so. Xhey attributed their faiktre to -lack ox support from whtsk&sle houses, due bo the fact that they'bad started 'to supply'the retail trade direct.

Tb# official assignee* Mr. Tv. 5. rtsher, stated that a report on tire machinery and plant, shade at his request, gave tae value, as £ll3. ■ Ed'wards the Bun's capital 01 £SS was supplied .fey Kbk. who lent half the amount to him.-. Tat showed a'pnsfit df £4O ur £s£t H* attributed the firm's- bankruptcy ta*.* that the wholesai® hoasss refused to givethem ' orders on ' ficdinf -that ■ they were •" to keep tie pot boiling, desgag witn ••etaUers, whose CUSSO-in, CD -U3S 0«W \ band, was insuSoient to meii A suxk~ taking early is Navemeer snowed tne • iißCsssst-'v for- tiling- • - ~ Th» fttfiSal Assignee Well, jot to have" kept in touch with the principal creditors. X suppose we mast leave a at *'"fvr want of a quorum, the meeting was nnafete fe> pass ap? resolution, bot it was understood that the apportioning *, .j t -.. g f r ee assets cf £33 allowance tor tools' to "which the debtors were entitled , would be left to the offinai assignee sou the principal creditors.