BANKRUPTCY STATEMENTS.

Poverty Bay Herald, Volume XLIX, Issue 16114, 1 May 1923, Page 6

BANKRUPTCY STATEMENTS.

SARAH AND RICHARD CHAMBERS

KNOWLES,

In the statement of Sarah Knowles, restaurant proprietress, who has filed a petition in bankruptcy, the bankrupt, explains that she is a widow, and since 1916 had been the owner of turant business known as the 1 iccadilly Tea Rooms. Her husband had managed this for her until his death, and the business ha"cl shown a fair profit. It was not encumbered in any way. From August 1, 1920. the date of her husband's death, her son Richard Chambers Knowles had managed the business. Owing to the rising cost of i es. fuel, and wages, and to the general slump, the business began to fall off. She had other property which she realised on and put into the tearoom business. She estimated this at. £SOO, but the business continued to fall off. The rent got in arrears, and she was also short of cash. She obtained a small advance on tho security of the plant in the tearooms, but had been unable to keep up the payments due under this security. She had had to vacate the residence she rented, and as she was unable to rent any other house she was forced to purchase one, and in February, 1921, paid £llO as a deposit on tlie price of £1350. She had not since made any payments on account of tho purchase price, though £9O was clue, in February, 1922. The rent of tho tearooms was again in arrears, and the bailiff had now seized the. chattels in the tea-rooms under a distress warrant, and also under the security given over such chattels. Apart from the plant in tho tea-rooms and her private furniture, she had no assets of any consequence. As she was dependent on tho tea-rooms for a living, she had been forced to file her petition. The financial ) statement showed unsecured debts totalling £394 16s 2d, secured debts £1405 5s (estimated value of securities £2050). Assets total £BOO I3s, comprising stock-in-trade other than that covered by security, £25; book debts £7 lis £'d*; cash in hand £3 6s 3d; furniture £200; surplus from securities in hands of secured creditors £564 15s. Tho estimated surplus is therefore £405 16s lOd. The unsecured creditors arc : W. J. Sinclair and Co., £1 18s; Gisborne Gas Co.. £2B 17s 6d; Gisborne Borough Council £49 16s 9d; Gisborne Publish big Co. £l2 4s 4d; E. Chrisp and Son £1 Is; F. Hall and Sons £2 13:3 sd; Teat and Friar £7 18s lOd; Ellis and Bull £5: Bell Coal Carrying Co. £3 4s; Grundy and Sherman, Ltd. £3 13s 6d; W. Findlav £64 10s lOd; R. Wilson and Co. (Dunedin) £37 12s 8d; All Black Manufacturing Co. (Christchurch) £3 Is 3d; C. Rosie (rent), £130; F. R. Hill £29 4s Id; A. A. Phillips £6; Gisborne Steam Laundry £3; F. H. Lawtou £5 10s. The secured creditors are : J. L. King £1309 5s (value of security £1300), and C; Rosie £176 (value of security £750). Richard Chambers Knowles, son of Sarah Knowles, has also filed a petition. His statement is as follows:—In August, 1920, I assumed the manageship of the Piccadilly Tea-rooms in Gisborne for my mother, and continued as manager until tho present time. From this I got a bare living. Last summer I obtained tho right of catering at the Waikanae Beach, and during the months of November and December, this business showed every prospect of success. After Christmas, however, the wet weather came and the result was that I lost heavily on tho enterprise. Prior to this venture I was solvent, My liabilities, with the exception of one under a joint security from my mother and myself are all in respect of this venture. In order to help my mother I signed the security recently given by me over her plant at the Piccadilly Tearooms. Some of my creditors are nowpressing for payment, and I am compelled to file. The financial statement shows unsecured debts totalling £165 17s 4d, and other liabilities £176, totalling £341 17s 4d; tho assets consist of stock-in-trade (<'ce-cream cones) £2O; tho deficiency is therefore £321 17s 4d. . ' The unsecured creditors are : J. Rosmcrgy £73 14s 6d; Smith Bros., cordial manufacturers £39: A. G. Beets £4" 16s 8d; Box and Cassin, £39; Waikanae Beach Society £lB 0s 8d; Gisborne Gas Co. £1 5s 6d. There are no secured creditors. The liabilities, £176, consist of a chattel' security from Sarah Knowles and himself to Mr. C. D. Rosie, draper. The meetings of creditors in tho above estates are called for May 9.