A BIG DEFICIENCY

Stratford Evening Post, Issue 85, 26 June 1930, Page 3

A BIG DEFICIENCY

BANKRUPT ESTATE OF A. V. VINSEN.

D O.A. THINKS DECLARATION

UNDULY DELAYED.

A meeting of creditors in the bankrupt estate of Albert Victor Vinsen, was held at Stratford yesterday. The only motion passed wag one authorising the 1).0.A. to. realise on the assets.

! At the close |of .proceedings the j Deputy Official Assignee (Mr, J. S. S. Medley) said that Jii his opinion bankrupt should have filed his petition earlier, perhaps two years ago. If that had been done there would have been more for the creditors. He knew there were many in si'niilar circumstances to Vinsen, who, struggled on alter becoming insolvent and incurred further debts thereby bring. ing themselves within the penal clauses of the Bankruptcy Act. I

THE FINANCIAL POSITION. The statement of accounts showed that unsecured creditors were owed £2195 (is fxl, : j sum of £l2 12s Gd was owed i'nr wages and there was a deficiency on securities of £2.13 -is Gd, making a total of £2)21 3s od. Against this there was stock-in-trade fixtures and fittings valued at £653 Os sd, furniture valued at £4l os total deficiency £1790 10s Sd.

LOCAL CREDITORS Local people on tlio list of creditors were as follows: Stone Bros. £1 16s 6d, Hannah's Ltd. £1 10s, G. W. Downs £IOB, C. Brieseman £Bl, Mrs. Collins £SO, D. J. Matono £55 8s lOd; Ennis Eros £•> 13s 3d, E. H. Eason £1 5s 6d, J. Orr £49, N.Z. Loan and M.A. Co. £ll 9s Gd, J. T. Copeland £l3, H. Schwieters £3 14,5, J. K, Amesbury £s,' A. Caldwell a totul of £630 12s 9d, making the and hfook debts of £34 7s Id, giving £25, T. Cook £1 15s, M. T. and R. M Phillips £4 4s, J, Johnson £4 Ss 6d, A. H. Trotter £1 10s, A. H. Hillock £B, C. Lamplough £6O, H. J. Kingsbeer £35 10s 6cl, L. J„ Len. tell £3 iQs, Kleeman. and Bishop £2B 2s 10d, Syme and Co. £2 Us 7d, V. N. Lester- £2 Bs, J. J. Sullivan <U lis 6d, Stratford Picture Co. £4O Smart Bros. £3 18s 6d, Wong You £ls. Pembroke Road Dairy Co. £ls Ss, Dr. Gordon £|, H. f. Cooper £2 16s 4d. Post and felegraph Department £1 17s 2d, "Evening Bust'' £l3 7s, R, ]{,. David and Go. £lO. C. Bredow £2 10s, D, Butchart £2 3s, Stratfird I BoHcnigh .Council £59 5s sd, C. R. Finnerty £5, Robinson and Pone £l3 5s lid, G. Knight £2 19s, Midhirst Dairy Co. £l3 (ft 7d, Bank of Now | Zealand £l9l, F. Grefen £59 16s 3d. ? i

EANKRUPT'SS STATEMENT. In .his written statement, bankrupt .said ho came to Stratford eleven years ago to manage the Marble Bar for the Picture Company. The company decided to lease the shop about seven years ago, and he took on the business. He had no capital, but was guaranteed. The expenses had been fairly heavy and he had not made much headway. His wife and family assisted him in his work, but were not paid regular wages. In an attempt to increase his turnover, he procured a travelling cart, and supplied hot coffee, etc., at football matchea and at the theatre. That branch of the business was managed by his son. The business scifmed to be improving when his lease of the Marble Bar terminated, and he could not get a renewal. That was in Juno 1929. Ho had arranged for an extensive plant to cater for the race meetings, and he .secured the cater. ' ing at the Stratford meeting. He secured new premises, but the expense of shifting had been heavy, costing about £l5O. Before he shifted ho considered the prospects war-

ranted the expense, Iml for (11; ■ whole fi last year he had had nothing lint had luck, lie secured UIC | con trad, [or the Waverley races on : the occasion of the slip on the tail. i way lint*. The bulk of the public did | not reach tho uourso. and instead of •i big profit lie made a loss of £ll9. ! During tho past summer various sports and clearing sales which ho catered for showed much 'owei returns and in sonic cases he aetuuily lost money. At the two day Waihi sports meeting bad weather prevented him putting up ids tint and" ho lost £7. During ihe time, ho had been in. business he li-ul worked Jong hours averaging not less than i I hours a day. He ha'd drawn very! little fo/ hiiHsolj'. During the winter he had practically lived on his earnings as a. member of; a dance orchestra, in connection with cater. i»g for race meetings during the past year his profits had been £l3O down. His takings at Opunake. were £6l down, and at Stratford £2OO down on the previous year's taking. EXAMINATION. Examined under oath bankrupt said ho was a married man. with fqiui Ithe youngest heing 11 years of age. In the Marble Bar lie paid £(j 10s per week rent, with tho exception of about nine .months towards the end of the term when the rent was £5 10s. Three years ago he was quite Solvent. About two yoavs ago he began to get into debt. In March, 1926, he gave a bill of sale, borrowing money to complete the purchase of plant at the Marble Bar, In answer to Mr. P. Parker (representing 3Viv. S.. Parker) bankrupt said he was solvent when the bill of sale was given. He thought the dolt to Downs was of later date. Mr. Parker said he. understood that when tho bill of sale was given it was stipulated that £3OQ of the sum was required to (repay Downs.. It appeared that the money raised had all been used in the business. He asked what had become of the motor car which was included in the schedule of securities under the bill

! of sale. Bankrupt suit] he had exchanged motor cars, witii the consent of Mr. ! S. Parker, but tin' later oar was nol I registered in I lie schedule, ! air. 11. Xl'. Kussoll. Wangaiuii, said I that eighteen months ago bankrupt gave a stutenionl of his posilion I saying his assets wore ( .Sl.'< and his liabilities £1(30. In May 19'Jl) hank. i nipt stated his position as follows: I Assets £2213.. liabilities Ul7lo. | In reply to a question bankrupt stated that in I'V'j nary last there were negotiations for a loan again- | st plant, hut they failed, ; Mr. J. Orr asked bankrupt what

his posit ion in March of this year. I was. Bankrupt sail he had not worked out his position. Mr. <)i',:: Bankrupt must have j known when he got credit from me i that ho could not meet the amounts i ho previously lowed. j The D.O.A. : Had you any idea of ! his position. f Mr. Orr: No. He told me ho had j money coming to ' him from various • sources. ! Ihinforupl : I told you I. was getting j money from work at the Mountain, and you got £lO of it. i Mr. Orr said he though bankrupt's

fiction v.ns improper. Mr. X. H. Moss (roprew.ntiiiji Messrs. Masters Ltd.): Mr. Orr ha* his remedy— he could move for a proiwcution. Mr. Orr said hg had no desire'to prosecute. The D.O.A. was authorised to dispost* oi the assets in tb«? estate, by auction or otherwise.