BUTCHER'S FAILURE.

Press, Volume LXI, Issue 18362, 21 April 1925, Page 7

BUTCHER'S FAILURE.

. - ♦ .' ' MEETING OF CREDITORS. A meeting of creditors in the bankrupt es tale of Walter Ruseell Hibbard, butcher, c Christchurch, was held before the • officio Assignee, Mr A. W. Walters, yesterday. Mr H. N. Hanna appeared for the bank rupt. The stock in tirade was estimated to pre [ duce £4O 123, and the book debta wouli realise £l3 Es lOd. Thus the estimated de iiciency came ■to £503 18s -Id. ■ The tota liabilities were £557 13s lid, the v-'ijol amount owing to unsecured creditors. In chief unsecured creditors were:— Royd Motors, Christchurch, motor importers, £7 iOs; 'F. I). Keateven, Christchurch, financiei ,-::75; J. 1?. Brown and Co., Christchurch stock agents,_ £63 12s 4d; North Canterbur Freezing "Works, Kaiapoi, meat exporters £53 lis sd; Frederick Amor, Avonhead road Riccarton, dealer, £52; F. E. Bird, J;icol street, grocer, £26 lis lid; Roy Twynebam Christchurch, solicitor, £lB lis; H. Jacobs Christciburch, signwriter, £l2 8s 6d ; E.. W Dann, Chri'btchwrch, engineer, £27 6a 3d Nationnl Mortgage, Christchurch, stocl agents, £74 123 lOd; E. Timms, Sockburn contractor, £2l 9s 2d; Pyne, Gould, Gum rere, Cashel street, stock agents, '£23 7a 9d In his statement bankrupt said he _ hat started business in February, 1924, with i oauital of £2O. In September of the sami year he sold cut for £IOO, and then com menced business in Cashel street with £BO, al which time he owed £237 9s. On account o rent and wageß. costing £l4 a week, ant also a slackness of trade, he lost money al flip time, and' became involved in furthe: debt. His oredtiors had begun to pres him, and he had paid several instalment* which he thought would be made up wliei tisde improved. Tho improvement had no eventuated, and as the creditors had con tin ued to" press he had been forced to file. H< attributed his failure to commencing busi i:gss with insufficient capital, high rent expensive meat, and general slackness o trade. He could make no offer to his credit ors. He was a married man with a wife anc five children. , Mr Watters. examining bankrupt, etate< that ho had lost money at a rate of £6O < 1/1 Bankrupt said that he had bought 101 \ew Zealand Farmers' Co-op. Co. s share, and had' lost fis 3d a alia re on them. Durmi the Christmas period he had lost a goot deal of ni-at. This. had constituted fiv, each of which cost hiin Pnd . side of beef valued at £7 10s. He had aim lost a fair amount of- trade. Mr W. R. Lascellefi, who appeared for on< of*the creditors, said the bankrupt did'no apnear to be very frank with the creditors Before the period mentioned in the state m»nt by bankrupt the man possessed . motor-car and an Indian motor-cycle. Another creditor: There are also a coupl* "'Bankrupt: The car was bought from Royd; Motors on the hire purchase system. The took it from roe in December, 1923, atf< resold it. In September last year he owec Uovds Motors about £l3i, a and F. D.,Kes teven £BS. He had £2O in c|sh of his ovrr tb Tiie Official Assignee: You were hope lensly insolvent then, even before you enters into business? The only way you could pa; off the old debts was by getting credit froir oth-r neople. Are you interested m racing; Bankrupt: a No. I have not been inter efted in racing during the last six years. A creditor: Have you not a couple o young racehorses? Bankrupt: No. Sir Hanna on behalf of bankrupt ,eaid tha Hibbard "had a reversionary interest in ai estate which would eventually bring bim ii £SOO.