MEETING OF CREDITORS

Southland Times, Issue 22295, 10 April 1934, Page 7

MEETING OF CREDITORS

BANKRUPT BAKER NO RESOLUTION PASSED. A meeting of creditors in the bankrupt estate of William Henry Neville Bell, of Invercargill, journeyman baker, was held yesterday afternoon before the official assignee in bankruptcy (Mr J. R. Deal). Bankrupt was represented by Mr G. C. Cruickshank. As there was not a quorum of proved creditors present no resolution was passed and the meeting was adjourned sine die. Bankrupt’s statement showed his assets (furniture) at £45 and his liabilities (unsecured creditors) at £95 10/7, leaving a deficiency of £5O 10/7. Bankrupt in his written statement said that he started business in Dee street at the end of May, 1931, as baker and pastrycook. He went in and took the premises as they stood. The rent was £lO 16/8 every four weeks. Business during June, July and August was all right, but it went back with the warmer weather. Business became so bad that he started sly-grogging, but he was caught and fined £l5 (October, 1932). In September, 1933, he made arrangements to pay 15/- weekly into a creditors’ fund, but he found he could not continue. The sum of £6 was paid into the fund and it was applied towards expenses. Things became so bad that he started hawking cakes. There was only 30/- a week in that. Before he started business he was out of work for seven months. He now had a job in a bakery and was receiving £3 10/-. Owing to domestic troubles it was now necessary for him to employ a housekeeper at 10/- a week. He had three children and the rent was 25/-. He now found it impossible to make further payments to his creditors. His failure had been due to lack of capital and the difficulty of the times. He had no prospects of an improvement in his position. The principal unsecured creditors were Henry Berry and Co. Ltd. (Dunedin), £22 4/4; Henry Bruce Ireland and Daniel Francis Hughes, £l4 14/3 and estate of Thomas Hide, £lO 4/3. Under examination by the official assignee, bankrupt said that he probably had last been solvent about the time of the sly-grog raid. The payment of the £l5 fine had left him with nothing to carry on with and he was forced to borrow from relations. He had been previously employed as a pastrycook. He arranged with Mr Cruickshank to make payments into a creditors’ fund. The creditors were all circularized. He now had steady employment, but could not at present make any offer to his creditors.