STOREKEEPER’S FAILURE.

Star (Christchurch), Issue 16713, 20 April 1922, Page 8

STOREKEEPER’S FAILURE.

MEETING OF CREDITORS.

A meeting of creditors in the bankrupt estate of John Louis Watson, storekeeper, of Division 'Street. Lower Ricearton, was held this afternoon. Tho Official Asignee, Air A. W. Watters, presided and five creditors were present or represented. Air R. Twyneham appeared on behalf of the bankrupt. .The statement of assets and liabilities prepared by the bankrupt, showed a deficiency of £217 4s 9d. The assets were set down as amounting to £BO 18s 9d, consisting of stock-in-trade £52 18s Id, book debts 12s; cash in hand £2 8s Bd, and furniture £25. The liabilities amounted to £298 3s 6d, all of which was owing to unsecured creditors. The unsecured creditors and the amouts owing to them were as follows: I. H. Green and (.0., Ltd., merchants, £l7O Us 2d; 11. E. Partridge Ltd., merchants, £3 4s 2d; Weeks Ltd., printers, £2; Whitenmhe and Tombs Ltd.,, printers, £4 31s Gd ; E. Reece Ltd ironmongers, £3 10s 10d ; AN . Strange and Co.. Ltd., drapers. £9 17s 2d; Central Dairy Company, Ltd., Addington, £l6 8s; L. D. Nathan and Co., Ltd., merchants, £ls 2s Gd : W. Dumpleton, baker, £3 8s; Fok, Chivers. Ltd., confectioners, £ll <s 6d; T. H. Undrill, Ashburton, furniture dealer, £49 16s 8d : Shearer and Nicholls, Ashburton, contractors* £B. In his sworn statement, bankrupt said ho started business ax a grocer on his own account at No. 28, Division Street. Ricearton. on April 14, 1921. Ho had previously been working in the country on wages. He had no capital, but borrowed £SO, which was repaid in six weeks. Ho did. fairly well for the first six months, but business then fell off and he began to go back financially. One of his creditors began t.o press him and eventually got a judgment against him and took out a distress warrant. He attributed the falling off of his business and his consequent bankruptcy to the fact that the town competition got keener and also to the reduction in wages of many of his customers. He was a married man and had one child. (Proceeding.)