BUSINESS FAILURE

New Zealand Herald, Volume LXXII, Issue 22247, 23 October 1935, Page 16

BUSINESS FAILURE

TE AWAMUTU BANKRUPTCY A deficiency of £152 was shown in the schedule of Frederick Hugh Vile, bankrupt saddler and sports dealer, of Te Awamutu, at a meeting of creditors, held at Auckland yesterday, before Mr. V. R. Crowhurst. official assignee at Hamilton. Debts, all owing to unsecured creditors, were shown at £378 and assets totalled £226. In his statement, bankrupt said he began in business at Te Awamutu in 1912, and was successful until 1930, when he found he was getting into difficulties. He called a meeting of creditors, and entered into a composition with them whereby they received about 10s in the pound. He continued in business, conducting his affairs carefully, but the depression made it difficult to make headway. In 1933 he suffered a serious loss when thieves broke into his premises and stole a large amount of stock. He had been put to extra expense through the illness of himself and his wife. Last .month, bankrupt continued, three creditors obtained judgment against him, and two distress warrants were issued. He was compelled to file a petition, in order to protect the other creditors. "I feel confident that with the improved outlook, and if a little further credit had been extended, I could have improved my financial position considerably." _he concluded. The meeting decided to realise on bankrupt's assets, the matter to be left in the hands of the assignee.