WOMAN'S BANKRUPTCY.

New Zealand Herald, Volume LXVII, Issue 20678, 25 September 1930, Page 14

WOMAN'S BANKRUPTCY.

BUSINESS AT OPOTIKI.

" MONEY FRITTERED AWAY."

" Tho money has been frittered away and (he whole estato seems (o have been hopelessly mismanaged," said a creditor yesterday at a meeting of creditors in the estate of Mrs. Catherine Agnes Wiley, a bankrupt storekeeper, formerly of Opoliki. The official assignee, Mr. .A. W. Walters, presided, and Mr. C. .A. Sneddon appeared for bankrupt. The schedulo showed debts to unsecured creditors amounting to £343 and tho assets were estimated fo produco £177, leaving a deficiency of £166. In her statement bankrupt said that she and her husband, a, returned soldier, opened a confectionery and storo business in Opotiki about seven years ago and soon established it on a sound footing. She ran the business but left the. financial side to her husband. About throo years ago she, contracted a serious illness and was in a private hospital in Auckland for throo months. She had to go into hospital for six weeks last year. When she came, out her husband was seriously ill and lin f ]i r <l in April. She, was left, with three sons living with her, aged 18, 16 and 9 years respectively. Bankrupt Iried to dispose of the business but (hero wero difficulties in tho shape of demands by tho landlord, and she eventually sold it by auction before coming to Auckland. tho sale, realised £162 and sho had since been living on part of the proceeds. Sho had just been granted a. widow's pension of £1 a week. She attributed tho failure of the business lo her own ill-health and her husband's death. Several creditors asked questions concerning (he amount Vof money bankrupt had spent in Auckland. Sho stated that legal expenses had amounted to £2O and that sho had also paid several cartage anounls. She had not thought it necessary to call her creditors together before placing the business in the, hands of the auctioneers. Sho had received ono offer of £4OO for the business as a going concern, but tho prospective buyers would not agree lo pay the extra £1 a weok rent demanded by tho landlord. " These people should consult their creditors before thoy rush off and seo lawyers," a creditor said. "If we had been consulted there is no doubt that all debts could have been paid in full. As it is, it looks as if bankrupt did not know what to do." No motion was proposed and tho assignee said ho would have tho assets valued. Ho could hold out no hopes for a large dividend.