BANKRUPT TOBACCONIST.

Dominion, Volume 4, Issue 963, 2 November 1910, Page 3

BANKRUPT TOBACCONIST.

MEETING OP CREDITORS. A meeting of. the creditors in tho bankrupt estate of Edward Lothair Chatjvin, tobacconist, of Wellington, was' held before the . Official Assignee (Mr. A. Simpson); yesterday. 1 The liabilities owing to tho unsecured creditors, according .to the bankrupt, totalled £723 15s. 3d. There were no securities. On the assets side was an amount of £188 18s. 10d., estimated value of the stock-in-trade; book debts estimated to produce £8 10s.; cash-in hand, £5 4s. (id.; furniture and fittings (estimated value), £'250; total estimated assets, £452 13s. 4d. Tho deficiency in. the estate was set dowii at £271 Is. lid. Tho principal unsecuredcreditors are as follow

J. Nathan and Co., £274 ,os. Bd.; P. Hayman arid Co., £228 15s. lid.: Gilmer and M'Guirb, ' £64 'ss. 9d.; Johnston and Co., £30 3s. 2d.; Levin and Co., £26 10s. lid.; Gualter,. Dykes and Co., '£21 3s. 4d.; J. Myers and Co., £14 18s. 7d.; J. and A. Wilson, £12 55.; E. J. Hyams, £10.10s. In : his" statement tho bankrupt ex-' plained that" prior to' entering the tobacconist's business, ho had been employed by Messrs. Jones arid Ashdown at £3 10s. per week. He then— this was seven years ago —entered into an arrangement with L. 'Bowman to take over tho tobacconist and hairdresser business, of tho latter's brother, at. £410, on the following terms:— Bankrupt paid in £100 in cash, of which £50 was borrowed, but had since been repaid out of savings; a further £110 was given in promissory notes to Mr. Sowman's brother, arid paid up in about twelve months after commencing business; balance of £200 was advanced by M. Harris and Sons, met with promissory notes, ajid since paid. In March, 1909, the bankrupt bought out Mr. Sowman, paying over £100 in gash, and taking over private liabilities totalling £40, sinco paid; £80 was also borrowed from Nathan and Co. 'to help to buy Sowman out, and the bankrupt then conducted the business, which, however, fell away until he was only drawing £2 10s. and'had had to reduce his employees. He attributed liis difficulties to' depression in trade, and a steady "riso in tho rent of tho premises 1532 £'2 i;i gj. 'Vi On September 20* las"t, ho realised that he could not carry on, and met his creditors, who first, agreed to take an assignment of the business, but subsequently requested him to file. Ho had a wife and two children, had no property, and was at present out of employment. Sympathy was expressed, towards the bankrupt. It was decided to ask the bankrupt for a completo statement as from the date of his last balance-sheet. It was also decided that tho action of Mr. J. Kellow in supervising the business be approved, and ' that his remuneration,. £10 10s., be a first charge on the estate. Mr. Kellow was also appointed to go into tho accounts as from the date of tho last balancesheet.