WOMAN’S BANKRUPTCY

Wanganui Chronicle, Volume LXXXIII, Issue 20126, 20 April 1928, Page 8

WOMAN’S BANKRUPTCY

CRITICAL CREDITORS PUBLIC EXAMINATION TO BE HELD. [ Per Press Association ] GISBORNE, April 19. Considerable interest as evinced today in a meeting of -reditors of Mrs Evelin Ellen Head, a confectioner, and a public examination of the bankrupt is to he held. Bankrupt’s statement of finance showed £1214 owing to unsecured creditors and £393, to one secured creditor. The value of the securities was estimated at £339, leaving a deficiency of £54, the total debts being £1268. The assets, including stock in trade £169, totalled £2Ol, leaving a deficiency of £lO6O. Bankrupt said she started business in a small shop in December, 1925, and .18 months later also took over a bigger shop near the centre of the town, being financed to the extent of £6OO. This was from the secured creditor, to whom payments were made fortnightly. Business was good at 1 oth shops, but later bankrupt suffered from illness. In December, 1927, bankrupt took stock, and it was valued at £327. A few weeks ago a fire occurred in the first shop and bankrupt estimated that she lost considerably. Bankrupt was closely examined on the financial aspect by the Assignee, who in the course of proceedings, askred bankrupt how in accordance with her arrangement with Mr Robcke (the secured creditor) that the stock in the shop was to be kept up to £3OO did it get down to £169? Bankrupt said she did not know. She could not account, for Ihe stock being short, except by depletion during the Xmas trade. The Assignee said she must have bought goods up till March and bankrupt replied she was not there most of the time. The Assignee said bankrupt’s purchases between December and April amounted to £854. After further examination XTr J. R. Kirk said he had been instructed by Auckland creditors to move that Mrs Head be submitted to a public examination, and the motion was carried without dissent.