BANKRUPTCY.

Poverty Bay Herald, Volume XLVII, Issue 15221, 20 May 1920, Page 3

BANKRUPTCY.

L The following statement was presented , by the bankrupt at the meeting, of the credtiors in the estate of Ed. Williams i this afternoon : „r ' "I commenced l business in my new shop, Masonic buildings, as a saddler, on September 11, 1915. I had a lease from Mr, Fred Hall for five years at a rental of £4 per week. The difference between my assets and liabilities at tliat date, my capital, was about £570, and the stock in hand was about £800. I traded chiefly with J. E. Butler, Ltd., Woolston Tanneries, Ltd., N.Z. Saddlery Co., and Macky, Logan, and Caldwell Ltd. My creditors were paid generally by promissory notes at three months. My business began to fail about the date of taking possession of the new shop. The chief causes of my failure 1 attribute to the high rent, high wages, and the falling off of customers. Tho business became gradually reduced until the expenses became too heavy for the turnover. Not sufficient money has come in for the last few months to meet the promissory notes, as they fell due. A few of niv creditors, and in particular my landlord, began to press me. Although on paper my assets were com siderably in excess of my liabilities, 1 realised that T had not sufficient cash t6 pay my debts, and I decided to file a petition in bankruptcy."