MEETING OF CREDITORS

Otago Daily Times, Issue 21647, 18 May 1932, Page 3

MEETING OF CREDITORS

ESTATE OF H. W. FISH A meeting of creditors in the estate of Harry Wincey Fish, of Dunedin, mercer, trading as H. W. Fish and Son, was held yesterday in the rooms of the official assignee (Mr J. D. Adam). There were seven creditors present. Bankrupt’s statement showed: —Uffeecured creditors, £6lO 17s Id; assets, £338 10s 4d. The principal unsecured creditors are: Ross and Glendining, £lll 8s 3d; Wellington Woollen Manufacturing Company, £76 2s 8d; Lane, Walker, Rudkin (Christchurch), £45 19s Id; Sargood, Son, and Ewen, £43 13s 8d; Dunedin City Corporation, £43 4s 7d; Bing, Harris, and Co., £4O 17s Id; Macky, Logan, Caldwell, Ltd,, £34 3s sd; Mrs Bayley, £3O 10s; Mr Hutton, £24; Parisian Neckwear Company, £2l 11s 9d; The assets consist of: Stock in trade, £4OB (estimated to produce £254 4s 7d); book debts, £37 4s lOd (estimated to produce £27 4s lOd); cash, £7 0s lid; furniture, £4O; motor car, £lO. The following statement was put in by the bankrupt:~.For 14 years prior to February, 1930, I was engaged as Dunedin manager to the United i States Rubber Compariy. On account of alteration in tariff, it became necessary for this company to reorganise. As a result, it closed its Dunedin office, and I lost my position. For the next eight months I was unemployed. I then decided to open a mercery business in George street, and invested the whole of my capital therein, amounting to about £350. It was arranged that my son, who was then engaged in ’that class of business, should assist me. For the first few months the business seemed to be establishing itself well, and gradually progressing, but the 10 per cent, cut made a marked difference in my takings. However, I anticipated that matters would gradually readjust themselves, and that the business would again pick up. It did show an improvement up till February last, when a disturbance occurred in George street which further reduced my takings and from which thfe business did not recover. Last month I realised that my financial position was such that I had little chance of recovering. I thereupon consulted my principal creditor, who instructed Messrs J. W. Smeaton and Co. to look into my position. As a result of the investigation by that firm, a meeting of my creditors was held on May 4. At this meeting a resolution was passed that I assign my estate to my creditors subject to the condition, however, that the landlord of my dwelling house be excluded from the benefit of the assignment and that I pay her myself. At that time I was hopeful that I would be able to meet her claim, which amounted to approximately £3O. On further consideration, however, I could see no prospect of my being able to do so. I placed the position before the creditors’ trustee, and informed him that unless the landlord was permitted to receive her pro rata share in the assignment I would have no alternative but to file in bank-- ■ ruptcy. The trustee was unable to accede to my request, with the result that 1 had no alternative but to file. I have lost the whole of ray capital, and am now out of employment. dn answer to questions, bankrupt said his son did not invest any money in the business. He was receiving a nominal weekly wage. There was no arrangement that he should receive any of the business. Last June his son put £2O into the shop, but had not received it back, and did not look for it now. The bank account was in bankrupt’s name. His son sometimes ordered goods from the warehouses. Recently his son went to sports at Auckland, a companion paying all his expenses. About March 30 he realised Ins position. Later, he found his affairs were really worse than he had thought they were, and he then consulted his principal creditor. ,The car had not run 1000 miles in the last 12 months. Petrol was the only expense, and witness paid for it. His son paid for the petrol when he used the car. , A creditor said he always considered the son was a partner, as the business was carried on as Fish and Son, Counsel for the bankrupt said the son was quite willing to file; he had nothing.' He would have to file if creditors took action against him. , , , ' Tenders having been called, for the stock and -fittings 6n the premises, the assignee was authorised to deal with them, and it was decided to accept a tender ot £232.