BANKRUPTCY.

Poverty Bay Herald, Volume XLIX, Issue 16121, 9 May 1923, Page 6

BANKRUPTCY.

A meeting of the creditors in the bankrupt estate) of Stichbury Bros., cycle mechanics, was called) for this afternoon. Only one creditor, the Motor Ac r cessorids, Napier, was represented l . It was pointed l out that eight of the nine ■unsecured! creditors were outside Gisborne.

Under examination by the DeputyOfficial Assignee*; Mr. C. .Blackburn, the bankrupts stated! that they commenced to go back about July, 1921. Up till tho second! year, Miey drew ag Wages just what they needed. For two years audi nine Months they had drawn between them £IOOO in Wages. No other labor had 1 been employed'. When business was ggad' their turnover was about £l4 or £ls a week eachi The sum of £2OO was raised) from the Reparation Department!, and that had now been reduced to £Bl. One of them had a house purchased under a soldiers' loan, payments'on which were considerably behind. The house of the other was in : his wife's name.

The Assignee pointed out that the book debts totalled £77, but they might) realise £35. That would leave a deficiency of £BO to the unsecured creditors. • '

Both stated that at present they had no jobs.

The Assignee pointed out that tho deficiency was not great, and if the debtors got positions, they might be able in a while to pay off the debts. At present, however, he could not ro any further, and' the meeting would have to bo adjourned/ sine die.