ROTORUA BANKRUPTCY.

New Zealand Herald, Volume LXVII, Issue 20722, 15 November 1930, Page 13

ROTORUA BANKRUPTCY.

BOARDING HOUSE VENTURE. [BY TELEGRAPH. —OWN CORRESPONDENT.] ROTORUA. Friday. A meeting of creditors in the bankrupt estate of Frederick Clubb, boarding-house keeper, was held before the official assignee, Mr. A. V. Crowhurst. Bankrupt's schedule showed £963 owing to unsecured creditors and £6OO to secured creditors. f I here was an estimated deficiency of £793. . Bankrupt stated that he started in business about eight years ago and he had about £2OO in cash. Business went well and he bought the property under an agreement. Ho spent considerable sums on repairs and alterations. Business continued good until last year, when he found ho- was not making headway. He attributed his failure to spending too much on the premises during this year. The vendor cancelled the agreement and bankrupt occupied the premises as a weekly tenant. The business during the last winter had been particularly bad. Bankrupt said he was being pressed for payment by some creditors, whom he paid, thinking that in the coming season he would recover, but he found that he could not get along and consulted the creditors, who advised him to file. An offer had been made for the business. It was resolved to accept the offer on behalf of the creditors and tho meeting was adjourned sine die.