CONFECTIONER FAILS

Sun (Auckland), Volume II, Issue 334, 20 April 1928, Page 1

CONFECTIONER FAILS

PUBLIC EXAMINATION TO BE HELD CREDITORS IN AUCKLAND Press Association. GISBORNE, Thursday. Considerable interest was shown to-day in the meeting of creditors of Mrs. Eveline Ellen Head, confectioner. The meeting was adjourned, and a public examination of bankrupt, some of whose creditors are in Auckland, is to be held. Bankrupt’s statement of finance showed £1,214 owing to unsecured creditors, and £393 to one secured creditor. The value of securities was estimated at £339, leaving a deficiency of £54, the total debts being £1,268. Assets, including stock-in-trade, £169; total, £2Ol, leaving a deficiency of £1,060. Bankrupt said she started business in a small shop in December, 1925, and IS months later took over a bigger shop near the centre of the town, beingfinanced to the extent of £6OO by a secured creditor, to whom she made payments fortnightly. Business was good in both shops, but later bankrupt suffered from an illness. In December, 1927, bankrupt took stock, which was then valued at £327. A few weeks ago a fire occurred in the first shop, and bankrupt estimated that she lost considerably. The bankrupt was closely examined on the financial aspect by the assignee, who asked bankrupt how, in accordance with her arrangement with Mr. Robcke (the secured creditor)- that the stock in the shop was to be kept up to £3OO, did it get down to £169? Bankrupt replied that she did not know. She cannot account for the stock being short except by depletion by Christmas trade. On the assignee saying that she must have bought goods up till March, bankrupt replied that she was not there most of the time. The assignee said that bankrupt’s purchases between December and April amounted to £854, to which statement Mrs. Head agreed. After further examination, Mr. Kirk said that he had been instructed byAuckland creditors to move that Mrs. Head be submitted to public examination, and the motion was carried without dissent.