"PURE MISFORTUNE."

New Zealand Herald, Volume LXIV, Issue 19798, 19 November 1927, Page 15

"PURE MISFORTUNE."

EX°AIRMAN'S BANKRUPTCY. CONFECTIONERY VENTURE. FACILITATION OF DISCHARGE. 'llie misfortunes of an ex-squadron leader of the Royal Air Force, whose injuries during the war, when he was brought down from a height of 8000 ft., were stated to have largely contributed to his financial failure, were sympathetically viowed yesterday at a meeting of creditors of George Francis Bishop, confectioner, Otahuhu. The schedule showed unsecured liabilities £165, and secured liabilities £1337. The value of the securities was set down at £1450. Assets, including the surplus from securities, were £209, showing a nominal excess over liabilities of £44. In a statement, bankrupt, who is married, said he was engaged in farming at East Tamaki when ill-health prevented him from undertaking heavy work any longer. In November last year he invested his savings, amounting to £220, in a confectionery business at Otahuhu, paying £2OO on the purchase price of £1450. The takings of the business, which was largely a seasonal one, were said to have been up to £32 a week, but since he took it over they had been only about £l2 a week. Alterations to the shop, insisted upon by the authorities, were a strain on his narrow margin of reserve capital, and floodwaters did extensive damage to his stock. In order to supplement the revenue boarders were taken in, but owing to the early closing and late opening of the local works, and the fact that in several cases boarders left without paying, the position was not improved, and he was forced to file. In reply to the official assignee, Mr. G. N. Morris, bankrupt said he had work to go to, and he was prepared to contribute out of his earnings to reduce his indebtedness. Creditors agreed with the official assignee thi»t the case appeared to be one of genuine misfortune, and stated that bankrupt had been honest in his dealings with them. In the absence of a quorum it was recommended that the creditors should agree to the facilitation of bankrupt's discharge.