BANKRUPTCY.

Star (Christchurch), Issue 16811, 14 August 1922, Page 8

BANKRUPTCY.

VULCANISER’S AFFAIRS. / LARGE MEETING OF CREDITORS. There was au attendance of twenty.five creditors or their representatives at a meeting to-day in connection with the j bankrupt estate of Herbert Frederick Wil- j liams, vulcanising specialist. Bankrupt, a- married man with one child. ' said that he started in business as a vui- 1 caniser at Belfast Street, Christchurch, j on April 1, 1918. He had had sixteen i years' general motoring experience- He paid £2OO For the business, putting in £SO liimself and borrowing the balance. Ho only employed a boy to assist him. Business proceeded satisfactorily and about the end of 3 918 he employed a man in addition. He had repaid £SO by this time. Business increased and towards the end of 1919 he employed a second man. About this time be bad to purchase a new vulcanising plant as the old one had become unsafe and obsolete. The pew plant cost about, £2OOO. which he paid by instalments covering a period of about twelve mouths. On December 15. 1919. he moved to larger premisas in Twain Street. Business proceeded satisfactorily for about twelve months. Early in 1921. the slutno ca.me and the motor trade wa,p one of the first to feel it. Business fel offi in vulcanising He had to relinquish garaee work in November. 1921. Assets were at £193, including £7O value of stock-in-trade and furniture. Inabilities total 1 -' 1 £' wv ' n . < Proceeding.)