BANKRUPTCY.

Press, Volume LXVII, Issue 20180, 7 March 1931, Page 3

BANKRUPTCY.

PpRK BUTCHER'S FAILURE. DECLINE IN turnover: 1 / ■ A meeting • of the creditors of John Andrews, 57 Matipo street, yiirk ■ (butcher, and Millicent Bertha Andrews, lamo jiddress, was held yesterday, the Official Assignee, 'Mr 3. H. Robertson, prodding. Mr WT E. appeared fqr 'bankrupts, and Mr B. A. Guthbert for Mrs Andrews, sen. About fourteen creditors were present, or were represented. ' ' \ I - Mr Robertson said that in this bankthe two debtors had~been adjudi-; c&ted bankrupts separately, consequently there were three separate bankrupt estates.' The position in respect of the tlftnkggg accounts was that an account with the Bask of New South "Scales, Wjjleh Wftl QVfirdrawn to the amount of I 4 £B7o'Bs 4d, was in the name of J. H. Andrews; the account at the Bank of New Zealand was in the name of Mrs Andrews and was overdrawn to the anjqqnt of £IBB 15s fid.'Both accounts were guaranteed by Mrs Andrews, sen., tfJIQ held, as. security,, the'bankrupt's equity in property at Riccarton. As to the assets in J. H. Andrews's estate, the majority of* creditors were not cone&rned, as the-proceeds would go to the Bank of New South Wales. Financial statements. The statement of bankrupts, as part' jiers, shpwedj Unsecured creditors £3408 0s 2d, Btoek in trade at No, ■ 042 Colombo street £475 3s id, book debts estimated tta produce £l*o ii-.ui, in Sand £2# 19s 10<3, sefici<mcy &101& 17» 114. , ,?The statement of J- H, Andrews showed: Unsecured creditors sl4 8s sd, secured creditors £1546 4d, less eatim*tpd value of securities. £9OO, deficit; ££4B Ss '4d; stock in trad? at No, 043 Colombo street £478 3a Id, cash in/hand £B, 8s Sd, rentln hand £1 7s od, furniture £BB, real property £5, deficiency £033 18* 20d. 'IN .statement ■6f Mm . Andrews showed t UnseeuredctfeditorV £5301 8p cash in haod £4 Oa Bd, property £3O, deflaiency £1,61 7a Pd. ~ % Sworn Statements. The bankrupt (5, H. Andrews), in •Ilia sworn statement, jset out that for some yews he was employed in his fathers' bilslnepa, **o, Andrews, Pork Butcher,*' whi<Sh h,ad besu i?arried on by the for 45* years. Be took' ove* the'-butfnesi, then at No. 084 Colombo street, 14,1980. On July BQth of th?.t .year hid mother guaranteed his account at the Bank of 'New South Wales fpr'£Booj and-he assigned to her by way of mortgage his equity in his home lit No. 9 Field .Btreet, 3ic<f f, *\ 't r, - . <

carton. Prom £450 lent to him by Ms' father-in-law (Mr ,9. Senders) ho paid, on July Jst, JO2J, hfs mother £4OO a# purchase money for the business; on December 30th, 1921, he repaid ])Sb father-; in-law; by February 14th, 1921, he hadl pai<| hid pother (Mrs X l * A. Andrew) 1 £733 19$ for goods, skins, etc., owned: by her and pold to' him. The rent of the I shop was latterly £4 10s per 'week, plb# , ratep. The, turnover at the old shop was at times, in excess of £13,000 per annum.'At the termination of his leaeej December, 1983, he had to select other premises, and removed to No. 049' Oo< lombo street, further sojlth_ and away from* the -main City shopping arta. Moving-expenses ana substantial alteratipnp cost the best part of £IOOO, Turn« over, gradually fell until, in 1930,. it was only £3OOO. He attributed 'his bankruptcy toi-(l) Change of location of premises from tfae main shopping Area, resulting in heavy.; alteration expenses and serious diminution-in catch' trade) (2) depressed trading conditions which have had a particularly serious effect on (he .pork butchery • business, consisting as it doeß of the manufacture of specialities.and delicacies; and (3) high cost of labour, and of the products used in manufacture, Mrs Andrews, replying'to Mr Bobertson, said that she had been .brought into the business to help in seeing that each creditor.got the share due to him; at that time hey mother-in-law thought her husband was not exercising sufficient care in that matter. It was recognised at that time that if the business had gone into liquidation it would not have been able .to pay - all its debts. The disposal of the assets was left in the handß of the Official Assignee..