BANKRUPT FRUITERER.

Waikato Times, Volume 100, Issue 16811, 1 June 1926, Page 10

BANKRUPT FRUITERER.

BUSINESS UNDER DIFFICULTIES. DEFICIT OF £4l/17/4. A deficit of £4l 17s 4d was shown in the schedule of George Tso Fan, a Chinese fruiterer, of Franklon Junction, who was examined in bankruptcy this morning. The amount owing to unsecured creditors was £lll 17s 4d. Stock in trade was valued at £GO and furniture tit £lO. Bankrupt was represented by Mr L. G. Cameron, but there were no creditors present. In a written statement submitted by bankrupt he stated thai he began business as a fruiterer at Franklon Junction in December, 1923, and spent £IOO cash In fitting up lhe shop and buying stock. Having commenced at a good season of the year, his business flourished for a wlulc, but fell off towards the winter, and during the winter months. At that time he got beliind slightly with the payment of his accounts, and some of the creditors sued for their money. He did not consider lie was in financial difficulties then, though on account of the dampness of the shop he lost a considerable quantity of fruit and chocolates. Business had been very fair in the summers, but poor in lhe winters. Competition by other fruiterers had had an adverse effect on business, and his margin of profit had been exceedingly small. Beccntly he received a summons for £SO from an Auckland fruit merchant, and Ibis was followed by a distress warrant. He thought he could pay everybody in full and arranged for the distress warrant to be suspended, paying £2O off the amount due. The warrant was carried out, however, and in order lo protect his other creditors his solicitor advised him to file his petition in bankruptcy. Had he received a little more lattilude from some of his creditors he would have been able lo pay his debts. Examined under oath, he affirmed the truth of his statement. He had kept his. books in Chinese, and considered that if he had not been prcssand he would have been able to meet all his obligations by gradual payments.