BANKRUPT FRUITERER MEETS CREDITORS.

Star (Christchurch), Issue 17831, 27 April 1926, Page 5

BANKRUPT FRUITERER MEETS CREDITORS.

ATTRIBUTES FAILURE TO BAD WINTERS. A njoi !ng of creditors in the bankrupt estate of Donald Martin M’Fadgen, fruiterer. Christchurch, was held in the office of the Official Assignee this afternoon. The amount owing to unsecured creditors was £567 12s 2d, and the assets were £1 19s 3d (book debts). The list of principal creditors was; W. T. Hart, care Adams Bros., Dunedin, £198; R. Ewing and Co., Dunedin, £157 17s Od: N. C-. M. Turner and Co., Christchurch, £22 Is 3d: W. Joll. Hereford Street, £25; Bing. Harris and Co., Christchurch. £39 8s lid; Davidson and Wauchop. Christchurch, £l7 Is Id: Fraser and Sons, Dunedin, £lB 15s; Gilmour Bros., Dunedin, £23 lls sd. In hiS sworn statement bankrupt said he commenced business in Dunedin with a capital of £SO as a distributing agent. lie obtained an agency for Ewing’s Commercial Agency, which, judging from Dunedin results, promised to be profitable. He therefore •extended operations to Christchurch, but the venture was a failure owing to the turnover not being maintained, lie consequently closed the agency. In February, 1924, he borrowed £2O from friends and opened a fruit and confectionery shop at 809, Colombo Street, 'Christchurch.. Things went well till the winter of 1924, which was a bad one for fruiterers. It took all the summer profits to pay for the winter slackness, and when the 1925 winter arrived he could not stand up to it and had to close the shop. Bankrupt said he was a married man with three children, and since closing the shop he had been engaged in canvassing work, but had been unable to earn sufficient to satisfy his creditors. Pressure from Adams Bros, had compelled him to tile. lie could make no offer to his creditors. (Proceeding.)