SALESMAN'S FAILURE.

Press, Volume LXI, Issue 18423, 2 July 1925, Page 5

SALESMAN'S FAILURE.

MEETING OF CREDITORS. A meeting of creditors in tho bankrupt estate o£ Charles "William Fisher, salesman, of Chrlßtchurch, was held yesterday before the Official Assignee, Mr A. W. Waiters. In the course of his statement, bankrupt said that in July, 1922, he purchased a fruit and confectionery business in Colombo street for £485, paying £250 cash and borrowing the balance. The" stock in the business wai very low, and required replenishing. By keeping personal expenses down as much as possible, he had been able to build up stock considerably, and in September, 1923, a loan of £l*3 15s was repaid to him, and this sutnWas put into the business. Trade fell away slightly because of competition from another shop in» the vicinity. Bankrupt still kept stock up, and in June, 1924, sold the business to J. Hessey for £440, £45 less than he gave for it. With the fittings and stock he had put iu, he estimated that the value of the business was £650, but as some of his creditors were pressing ho decided to square up by selling out. After payment of expenses, etc., he received only £9O, which ho" immediately distributed to his creditors, but he still owed £6O 9s Sd. In the Supreme Court Hessey took proceedings against him for damages for misrepresentation, and recovered £2OO damages and £49 8s 6d costs. He had no assets apart from £IOO fully-paid shares in the Petrous Tile Company, valued at £42 10s. The deficiency was estimated at about £328 12s lOd. The only assets wero £42 10s, the valuo of the shares, and the liability was £371 2s lOd, all owing to unsecured creditors. The chief unsecured creditors were: J. Hessey, confectioner, Christchurch, £269 8s 6d; Purnell and Hanna, solicitors, Christchurch, £24 13s 8d; David Stock, estate agent, Christchurch, £ls 12s; Foster, and Campbell, coachbuilders, Christchurch, £ll 0s 4d; and A. S. Geddis, solicitor, Christchurch, £lO lis. In reply to the Official Assignee, bankrupt stated that he had paid about £355 goodwill for the business. The fittings and stock were valued at £l3O odd. Realisation of the estate was left in the hands of the Official Assignee.