A FLORIST’S FAILURE.

Wanganui Chronicle, Volume LXXVI, Issue 18443, 29 March 1922, Page 2

A FLORIST’S FAILURE.

MEETING OF CREDITORS. A PRETTY HOPELESS THING. A meeting of creditors of Mrs Margaret Wallace, florist, was held yesterday at the office of the Deputy Official Assignee (Mr E. M. Silk.) Bankrupt stated that she had been in business at Guyton Street. She was solvent until two years ago. At that time her husband was injured while obtaining decorations for the Prince’s visit. He had since been in bad health, and was now in the hospital. Since about 1921 the business declined, as people were not spending money on what was largely a luxury. There was groat difficulty in getting money in. Decently the landlord destrained for £65 rent, and she was forced to file. £459 5s 7d was owing to unsecured creditors, and £59 4s to a secured creditor. The assets consisted of £5O stock-in-trade, £llO book debts (estimated to produce £100), and £5O worth of furniture. The deficiency was £243 5s 75.

Bankrupt was examined, and stated that until October last no cash book was kept. A day book showing the takings was kept, and she had a banking account with the Bank of Australasia. Her books would not show her true position at any time. Up to the end of last year the takings were about £25 a week, but since then they had decreased. Mr Rasmussen said he held a dishonoured cheque for £9 10s for money collected by Mrs Wallace on his account. The D.O.A. said there was no trust account, and he could only come in as an ordinary creditor. They could not get blood out of a stone. The Creditor: But it is my money. The D.0.A.: You cannot have preference over any other creditor now. A further inquiry at this stage elicited that there was about eight months of the lease of bankrupt’s premises to run. On creditor said that part of the premises was sub-leased at £2 a week, and the upstairs portion at £l. The difference was only .‘los. Could they not offer the premises for lease for the rest of the term? The DO.A. expressed the opinion that the term was too short and pointed out that there would be the expense of advertising and drawing up the lease. The D.O.A. added that it seemed that bankrupt had had a great deal of illness in the family, but whether that had much to do with the bankruptcy h© could not say. It seemed a pretty hopeless thing for the creditors, who might get a few shillings in the pound. Mr T. B. Slipper, on behalf of bankrupt, expressed the hope that the creditors would not oppose her discharge, as she would be dependent upon herself to earn her living. Th© meeting then terminated.