CAMBRIDGE BANKRUPTCY

Waikato Independent, Volume XXII, Issue 2576, 25 July 1922, Page 5

CAMBRIDGE BANKRUPTCY

A FRUITERER’S FAILURE

COMMENTS BY ASSIGNEE (By Telegraph—Press Association) HAMILTON, yesterday. A meeting of creditors in the estate of Florence Ethel Smith, fruiterer, of Cambridge, was held at Hamilton today, before the deputy official assignee, Mr Y. H. Sanson. There were only two creditors present. Mr W. H. King, on behalf of certain Auckland creditors, moved for an adjournment to Auckland where the bulk of the creditors live: Bankrupt’s statement showed the amounts owing to unsecured creditors at £462, with stock valued at £250. Bankrupt said she entered business as a fruiterer entirely on her own account as her husband was working at the time as a casual labourer. She thought she could make a little profit, although she had no capital to start with. She paid approximately £5 for the goodwill of a business in Victoria Street owned by a Mr Durham, arranging to give the first week’s taking as a deposit. She attributed her failure to the general slump, winch made fruit and confectionery a luxury. The termination of her lease also occasioned her loss by causing her to take over another shop in a worse stand. She also bought badly at times and suffered a loss through this. Mr Sanson said it w*as quite obvious that Mrs Smith was insolvent when she took over the new' shop, and that at no time did she know how she stood. ,Ske should at some time have tallied up her stocks. The Auckland creditors would probably have something to say on the matter. Personally, he did not think Mrs Smith had done what she might for the protection of the creditors. The meeting was adjourned to Auckland.