PASTRYCOOK'S AFFAIRS

Dominion, Volume 5, Issue 1317, 21 December 1911, Page 3

PASTRYCOOK'S AFFAIRS

"" MEETING Ol' CREDITORS. A. meeting of creditors in the bankrupt estate of Mrs. Elizabeth I.ock, pastrycook,' of Wellington, was held before the Official Assignee (Mr. A. Simpson) yesterday. Mr. •>. M'Gratli appeared on behuff of the bankrupt, wild there was an nttemlanee of five creditors. According to the statement, of finances tiled, the deficiency on paper amounted to. .£1(>1 1-s. Ltd. The obligations to unsecured creditors totalled .KHO 18s. Td., against which was- an, amount of r l'l2!) . r »s. Bd. on I lie assets side, mode up as follows: —Stock, 4JIK 10s.: book debts, .-£lO Os. .id.: cash in bank. A' 3 7s. 3d.; plant (estimated value), .MS*."" The Assignee explained that, he had deemed it advisable tn sell the slock and plant at once, and the proceeds of the sale totalled .i;'.'.). Among Hie unsecured creditors, the largest amounts were: -£135 ' 01. .1,. Hogg. Wellington): ;£l7 (New Zealand Mourmillers' Association); and'-KG lis. 3d. (J. A. Smythe and Co., Wellington). There were no secured creditors. • The bankrupt stated that she commenced business at. Kilbirnie, in the premises known as the Paris Bakery, oil July :l last, carrying on till the beginning of jDccembor. The business was purchased through the agency of liessrs. I). W. Virtue and Co. from Mr. H. L. Hogg, of Kilbirnie, for .£163 (goodwill and plant), the bankrupt carrying on the business while her husband worked as an employee. Slie had .£55 to start with together with promises from a relative of further financial assistance should the venture be successful. During the period of tho business, tlid receipts totalled JCIO3 10s. Id., and the outgoings .Clsl Ks. 3d. The business had been recommended to them, but turned out unsatisfactorily, tho turnover in loaves being only half what it had been expected to be. Included in the gross liabilities was an amount of ,£155 unpaid purchase money, due to the vendor for the purchase of plant estimated to be worth .£125. The business got into difficulties when Messrs. Virtue and Co. stopped their crcdit and got judgment against them, and at n private meeting of the creditors she was asked to file, Messrs. Virtue and Co. objecting to an assignment of the estate to trustees.

The Assignee remarked that the bankrupt appeared to have gone into the business with her eyes shut, and paid a preposterous price for it. r 0I1 ° discussion it was agreed that further action in connection with the winding-up of the estate should be left in the hands of the Assignee, and that in the meantime the books and accounts of the _ bankrupt should be carefullv examined, and, if necessary, reported on,