CONFECTIONER BANKRUPT

Taranaki Daily News, 16 June 1931, Page 11

CONFECTIONER BANKRUPT

APPARENT SURPLUS SHOWN ASSIGNEE EXPECTS LITTLE. MEETING OF HIS CREDITORS HELD. A meeting of the creditors of Jlcnry Hamling, labourer, New Plymouth, was held at the office of Hie. Deputy Official Assignee, Mr. J. S. S. Medley, yesterday. Those present were Messrs. J. Somerton, B. Sturm (City Market Ltd.), G. Coomb, R. L. Slyficld (C. H. Farness and Co.) and R. Pike. The bankrupt was represented by Mr. G. Macallan. According to Haniling’s statement of his assets and liabilities there was a surplus of £95 18s, but the conclusion arrived at by Mr. Medley after an examination of the bankrupt was. that there was no surplus and there would be very little for the creditors. The debts amounted to £209 10s. The sum of 2s 6d was owed io unsecured creditors and other liabilities totalled £2B 7s 6d. There was £454 Ids owing to secured creditors, less the estimated value of securities £7OO. Assets totalled £305 Bs, made up of stock in trade and shop fittings £5O 18s, tools £9, surplus from securities in hands of secured creditors £245 10s.

In his written statement Hamling said he had commenced business in a small way in New Plymouth about four and a half years ago, selling confectionery, soft drinks, fruit and greengroceries. He had only, a small capital and it became necessary to borrow more money. The fium of £l5O was borrowed from the Prudential Finance Copipany Ltd., the arrangement being that he should repay. £lBO by monthly instalments of £5 each spread over three years. Continued sickness, both of his wife (who assisted him in the business) and himself, had hampered the business as they could not give it proper attention. FAILURE TO RAISE LOAN. With the coming of-the.slump he got behind .with the instalments to the Finance Company and the few merchants with whom he had been dealing. As soon as he had realised the hopelessness of the position he had closed the business and called his creditors together. He arranged for a fresh loan ,on his house and furniture of an amount which he expected would enable him to repay the existing loans and leave £5O for distribution .amongst the unsecured creditors, The proposed lender, however, refused to proceed with the loan after the documents had been prepared, and there was no prospect of obtaining accommodation elsewhere. In view of the fact that the secured' creditors would in all probability have proceeded to realise on their securities (which showed equities sufficient with other assets to pay all creditors 20s iq the £) he had decided that it was in the best interests of his unsecured creditors that he should file his petition in bankruptcy. Mr. Medley explained that the stock had already been auctioned by the largest creditor and had brought £9 7s 9d. Only a set of fairly good scales remained unsold, and would probably bring no more than £6. On the motion of Mr. Somerton, seconded by Mr. Sturm, it >vas decided that the names of the creditors but not the amounts, owing to each be published. . Hamling, examined under oath, said he had three sons who were all working. When he borrowed the £l5O he was indebted to nearly that amount and almost the whole of the loan was swallowed up in the liquidation of his debts. Any debts he owed to-day had been incurred since. Hamling would not have got into such difficulties, Mr. Sturm said, if he had set his position more clearly before his creditors. He would have advised Hamling to draw ’ out of the business immediately. At a meeting of creditors ou May 4 all the large creditors were present) Hamling continued in his examination. It was two years since lie had kept a banking account. “A FEW, HEIRLOOMS.” Mr. Medley: It has been rumoured your wife has a lot of valuable jewellery? She has a few trinkets. There were a few heirlooms, I think. Mr. Medley: I heard she owned a large ruby.—l wish she had.

Mr. Sturm asked how the estimate of the value of the stock in-trade was arrived at. ■ Mr. Pike asked where the bottles were which had contained cordials. It was an important point in his trade. It had been decided in the highest courts ill England and Australia that the bottles always remained the property of the cordial maker, and they were, specially marked for that purpose. Hamling: You’ll get the bottles back, all right.

Mr. Sturm said there was no stock. To put down the price he paid for stock as the value of it was not fair. Such values would never be realised today. The estimates were misleading. There would not be much for the creditors, it appeared, said Air. Medley. The furniture was under a bill of sale and the house had a second mortgage. He doubted if £lOO would bo realised from the sale of the house. “And what else is there?” he asked. “There’s the ruby,” suggested a creditor. In answer to Mr. Pike Handing said that during the last year his takings were Jess than . £1 a day. He had to ■buy with 'wha t he obtained from sales and consequently had little money to spend on Mock. The bankrupt was allowed by a, resolution of the creditors to keep gardening tools valued at £2. Hamling said that when the unemployment scheme ceased to operate lie would have nothing to rely upon for income. The secured creditors were Miss E. A. Smith £406 10s (estimated value of security £6OO and the Prudential Finance Co. Ltd., New Plymouth, £4B (estimated value of security £100). The bankrupt had a freehold house property in Eliot Street valued at £6OO and the amounts owed to secured creditors were mortgages upon it, the second mortgage

f 1 having collateral security over part of 5 the furniture. J Among the unsecured creditors to ' whom larger amounts were owed were.—■ j City Market Ltd., New Plymouth; J. j Rock, New Plymouth; Somerton, New j Plymouth; McLeod and Slade Ltd.,'New

Plymouth; Aurora Ice Cream Co., New Plymouth; John Avery Ltd., New Plymouth; Browne Bros, and Geddes Ltd., Auckland; Geo Coombe, New Plymouth; H. Wells and Co., Waitara; Govett, Quilliam and Hutchen, New Plymouth; New Plymouth Borough Council.

Do you believe that yesterday The skies were beaming, laughter blue, That, all the world was summer gay And all the world was me and you? To-day the drenching downpour drips Goughs, colds and ’flu, oh, why endure; When you can get—it’s the best of tips— The Woods’ Great Peppermint Corel IS