BANKRUPT GARAGE OWNER.

New Zealand Herald, Volume LXVIII, Issue 21029, 13 November 1931, Page 12

BANKRUPT GARAGE OWNER.

PARKING STATION VENTURE. " BY-LAWS NOT ENFORCED." Attributing his failure to the alleged non-enforcement of traffic parking regulations in the city, Edwin Stanley Barker, the bankrupt proprietor of a motor parking and service station in Belgium Street., Newton, met his creditors yesterday. Tho official assignee, Mr. A. W. Watters, presided.

Bankrupt's financial schedule showed £532 owing to unsecured creditors, and £10,060 to secured creditors. Tho estimated valun of securities was £IO.IOO and the total assets £285, including stock in hade valued at £56, a. boiler and ramps valued at £llO, furniture valued at £45, book debts £3O, and cash in hand £4.

In his statement- bankrupt said that, in July, 1930, ho relinquished a permanent position and commenced business on his own account at- a service station at Greenwood's Corner, Epsom. About, three months later bankrupt, who then had £3OO in cash, entered into negotiations for the purchase of a. parking and service station in Belgium Street, the price being £9237. A mortgage over the property was arranged for. this amount, and in December. 1930, bankrupt, sold his interests in (ho Epsom concern and moved to Newton.

Although it was considered the establishment, of a parking area, in the vicinity of Karangahape Road would prove profitable the business was unsuccessful from the outset as, bankrupt, alleged, the City Council did not enforce its traffic parking by-lyws. During the six months bankrupt was trading in Belgium Street he drew only £3 a week wages. In his opinion the cause of his insolvency was the failure of the parking station lo come, up to expectations. The realisation of the assets was left in the hands of the assignee and two supervisors, bankrupt being requested to furnish a further detailed statement concerning his losses. The assignee said bankrupt had been quite frank tu his conduct.