BANKRUPTCY.

Dominion, Volume 3, Issue 868, 14 July 1910, Page 7

BANKRUPTCY.

A CHEMIST'S ESTA'i'U. A meeting of creditors in ">o bankrupt estate of Donald Lunglcv Turner v»-a.> lo have been held yi'.-tfnlay before tho (Jilieial Assiijneu (Jlr. A. Simpson), bill as onjy one creditor appeared, the jneei'ins had to be adjonnieil. sine (tie. Debts lo unsecured auditors in the estate were set down at j:37S Us. Oil. .Wis comprise:— Stock in trade at Kent Terrace shop, with furniture and lining, JfcibO, and book debts, .£,') 10s.; total, iIG3 IDs. There wiw thus an apparent deficiency of .£215 ■U. t)d. The principal unsecured crodiloi'S are:—Yaiijijr'i Ciieniieal Co., .£115; -Mrs. Turner. Jtiti&; J. Jameson. .£33; Frank Bedford, X'JO; C'itv Corporation (rates), j;js IDs.; 10. h\ Edmunds, £11; Win. Waiiis.'JJli 10s.; Jfrunk Wallis, Jtli IDs.; Godber and Co., X'lo; Wellington Hospital, J;ls. In liis written statement, bankrupt mentioned that when lie .->o!d his Jianners Street business, about four years and n halt ago, the whw'e proceeds of the sale were absorbed in the payment of debts then owing. For some time afterwards lie was ill and unable to work, being compelled (o become an inmate of the Wellington Hospital i'or three months. On his partial recovery he endeavoured to obtain work as a chemist. Vailing to obtain it, lie approached the Young Chemical Company, which agreed to sell him stock, with which to-commence business in Kent Terrace, on condition that lie raised half (he stuck. His wifo advanced him ,£BS and his son .£5 10s., which sums were used in the purchase of the stock mentioned and shop fittings. Re had not been able to repay these amounts. Before commencing business in Kent Terrace he was of opinion that a much better trade could be done than the result had shown. The amount of stock iyas small and tho shop, though a largo one, turned out to be unsuitable. The rent, too, he considered excessive, it first Hie average daily takings did not exceed 55., though they increased subsequently to an average of about 10s. per day. Ho had been obliged to ■succumb in the end through the pressure of some of his creditors, and particularly by his landlord distraining for rent in arrear.