IN BANKRUPTCY.

Timaru Herald, Volume CXXV, Issue 18622, 18 July 1930, Page 10

IN BANKRUPTCY.

CREDITORS’ LACK OF INTEREST. As only two creditors were represented, the meeting of creditors called for 2.15 p.m. yesterday, in the bankrupt estate of Clement Lyall Dewar of Timaru, jeweller, lapsed for want of a quorum. The position of the estate showed unsecured creditors £241 4s 7d. stock in trade nil. and book debts to the value of £lO. a deficiency of £241 4s 7d. The principal unsecured creditors 1 were: Delmonte and Patience (Wellington) £l3; Silas Ellery £l6 18s 6d; L. B. James. £lO 4s; L. and R. Martin (Christchurch) £l6 166 7d. New Zealand Newspapers, Ltd. £lO 6s 6d; Royd Bros, land Kirk (Christchurch) £39 13s 6d; I Priest and Holdgate, Ltd., £22 16s sd; j Timaru Herald Company £25 16s 4d; jD. C. Turnbull and Co.. £6O; Drs. j Unwin and Burns. £l2 12s. In the course of his statement, bankrupt said that he had commenced business in Timaru as a manufacturing jeweller in 1913. He had a capital of £IOO and carried on business successfully for some years till in 1920 he employed five hands. During this period the jewellery business was flourishing, and he was doing manufacturing work for every jeweller in South Canterbury. Owing to his wife's illness, he was ordered to take her to a more bracing climate, and in 1925 he commenced business in Fairlie as a retail jeweller and watchmaker, with a small stock which was insured for £4OO. The business prospered and he gradually increased the stock to £I7OO. He omitted to increase the amount of the insurance cover, and in August, 1926, his business premises at Fairlie were burned and the whole of his stock, fittings and books were totally destroyed. His loss was admitted by ' the insurance company, £I7OO. and the j full amount of the cover, £4OO, was paid in settlement. Bills due and goods purchased on promissory note left him in debt to the extent of £420. He sold his manufacturing business in Timaru ■ for £l3O. which left him still £3OO in ! debt. He commenced business again in j premises at present occupied by him in George Street, Timaru. in an endeavour to pay his creditors in full. Since recommencing business he had reduced his indebtedness. Owing to pressure brought to bear by one of his judgment creditors, he had reluctantly been compelled to file. He ascribed his present position to the heavy loss sustained as a result of the fire at Fairlie and to the general slackness experienced in the jewellery and watchmaking trade during the past few years.