ASHBURTON BANKRUPTCIES.

Press, Volume LVIII, Issue 17469, 1 June 1922, Page 3

ASHBURTON BANKRUPTCIES.

A CARRIER'S FAILURE. A meeting of creditors in the bankrupt Inrtoncarrier, was held yesterday at the office, of the Deputy-Official Assignee, Mr J. B 'The owing t».;m-curea creditot wa3 shown aB being a little over.£2oo, and the only assets were from -£l& to £2O, «« value of household furniture, leaving a, deJ E Rule £45 ; : SmaUbon»a.Broß. £35 T. H. Undrill £l7 19s Cd. G. H Carson £lu *, Canterbury Motor Company £l2. . • Bnnkn.pt «.hii statement ■«* «£* *J started in busines as a earner twelve months • go without any capital a motor truck for £3OO, and asred to pay the Amount in instalments of £lC.permonth, for the first eix months, and £l2 p*r mo! 1 1" LX For the,-, first five months work wa« plentiful, and ho appeared to be doing fairly well, ««a was able to keep up payments on tha truck account »U J«ffi 1922 when the cost of upkeep of the truck Greatly increased and became a heavy dram on his resources, and work became scarce. In March of this year he cleared only .« M, •m April £l3. ss, and m May (is to 20th) £l4 IB Sd, a monthly ave-age of £lO lis 3d, out of which he was supposed to pay £U a month on the truck account and mwnr tain his familv. In spite of. all hw efforts hV had gone back steadily financially from the start, and there was no possibility of recovering, tha carrying tra<3e being overdone in Ashburton. Pressure brought to bear by a creditor forced him to file. He was a married man ' with four children. The vendor held ft registered security over the truck, and had taken possession of it. The Deputy-Official Assignee remarked that there appeared to be nothing in the estate for any of the creditors." For one who did not know much about it bankrupt had kept his books fairly Well. The only course to adopt was for tho creditors present to pass a resolution instructing him to wind up the estate. , , Such a course was unanimously agreed to, bankrupt to be allowed to retain his household furniture.

A CONFECTIONER FILES. A meeting of creditors in the bankrupt estate of Osciar John Chivera, of Aahhuiton, confectioner, wa3 caikd at the office of tno Dcputy-Oaicial Assignee, Mr J. B. Christian, yesterday afternoon. Tne annuals owing t-J unsecured creditors totalled £358 Os scl, and the assets were £22, ihowing a deficiency oi £O2G 0s sd. Ths principal unsccuicil creditors were: Fox, Chivcrs and Co., Ltd., £120; Thomas Bros., £l2 17s 10d; J. Kattray ar;d Son, £'s3 10s Id; Eastern Commercial Company, £lO Ms 3d; L. B. Hart, £3O Oi ltd; Dainties Ltd., £l2 O.i 7d; Canterbury Frozen Meat Co., Ltd., £33 Is; Buxton and Thomas, £5 Os Cd; AHiburtou Mail and Guardian Co., £23 !2s sd. Bankrupt in his statement said he started business as >a con'ectioncr four years ago. Prior to that he had a drapery business in Ashburton, but i' «« not a sucm-ss, and abe.ut six years ago lie aligned hh estate, Ms creditors receiving 13s 4d in ihe £. When slailin; hi 3 present business ho had no capital, and bJnowrd £3O on which (o make a start. He held his own for the first three ■.-ears, his turnover being £HOO. £llOO, respectively. 'lho percentage of prolit on the turnover would average about 33 l-3rd per cent. After all expenses had been mot at the end ct ths third year on a ■LIGOQ tume.ver, his books showed that he received £2OO for the upkeep of his h'mo anJ personal expenses. During the last twelve months liis takings had fallen to £IOO2, for which he coneidercd the change in tiie weekly half-holiday was aimt.st entirely responsible. Tiade dropped immediately the change cair.o into force, and had shown no signs of recovering. During the last t.vclve mcnthe his drawings from the business for housahnid and personal ex-ps-nsc* had not exceeded £i 5s per week. He was a married man with three children. There weio no crcd.tois present, and the meeting .apsed, the Deputy-UMiciul Assignee intimating tnat ho would proceed to wind up the estate.