DECLINE IN TRADE

Wanganui Chronicle, Volume 85, Issue 49, 27 February 1941, Page 7

DECLINE IN TRADE

BRIDGE HOTEL, WANGAEHU BANKRUPTCY OF LICENSEE A falling off in trade, due to the closing of a Public Works Camp, and the departure of Maoris for military service, were given as reasons for his bankruptcy by R. A. Paepker, licensee of the Bridge Hotel, Wangaehu, at a meeting of creditors held in Wanganui before the Official Assignee, Mr. C. 0. Pratt. The deficiency was £139 6s 6d. Total debts amounted to £354 6s 6d. The amount owing to the secured creditors, Levin and Co-, Ltd., totalled £6OO, less estimated value of securities £6OO. Stock in trade was valued at £45; book debts, estimated to produce £75, totalled £132 18s 8d; cash in the bank amounted to £1 6s; and other assets were £ll5. Mr. Ralph Brown appeared for Levin and Co., Ltd., and Mr. V. B. Willis for the owner of the hotel, Mr. J. Hannan. Paepker, in his statement, said he was a married man with three children and was 33 years of age. He leased the hotel in June, 1939, and the lease was due to expire in July, 1941. The rent was £lO a week for the first six months and thereafter £ll to the end of the term. Mr. J. Hannan, owner of the hotel, reduced the, rent in August, 1940, to £7 a week, plus interest and rates. He met his obligations fairly well until the end of June, 1940, when creditors began to press for payment of accounts and judgments were obtained against him. He was waiting to be called up for service in the Royal New Zealand Air Force.

The Official Assignee said he hat gone through the bank passbook verj carefully and could see no payment: which called for inquiry. The statement of accounts showed a big falling off in receipts in the last ten months. The Official Assignee was empowered to wind up the estate.