TAILOR’S BANKRUPTCY

Evening Star, Issue 22145, 27 September 1935, Page 2

TAILOR’S BANKRUPTCY

MEETING OF CREDITORS A meeting was held yesterday afternoon before the Official Assignee (Mr J. M. Adam) of the • creditors of Frank Williams, tailor, of Dunedin, who was recently adjudicated a bankrUfer A. G. Neill appeared for the bankrupt. Unsecured creditors were owed £4io 7s 7d and secured creditors £2,143 13s LOd, the estimated value of securities being £2,181. The total debts amounted to £2,559 Is 5d and assets to £2,262 15s 6d, leaving a deficiency of £296 5s- lid. . _ The unsecured creditors were: —J. Thomson, £124 12s 6d; 0. F. Williams, £100; F. H. King and Co., £4O 17s 4d; Ackrovd and Sons, £35 16s Id; H. H. Sykes, £26; Fleming River Lands Ltd., £6O; Waikouaiti County Council, £2 15s 3d; Dunedin City Corporation, £25 6s sa. The secured creditors were:— Trustees of the Grand Lodge of the Protestant Alliance Friendly Society of Australasia (£1,106 12s sd) and Alexander Cromarty Allan (£1,037 Is 3d). The estimated value of the security in the former case was £9OO and in the latter £1,281. In a written statement bankrupt said he was 61 years of age and had a wife dependent on him. By trade he was a master tailor and) had been in business 39 years, during the past 20 years of which he had carried on business on his own account in Dunedin. Before tbo depression his average income was £250, buff between 1931 and the present year it dropped to £l2l 8s 7d. Tho business suffered considerably through tho depression, and tho returns were barely sufficient to produce a livelihood. During the last six months his average monthly earnings from the business had been about £8 a month approximately. Apart.from the business, the assets consisted of a house in Dunedin, a house at Warrington, shares in Fleming River Lands Ltd., his topis of trade, book debts, and cash in hand. The house in Dunedin was mortgaged to tho Trustees of the Grand Lodge of the Protestant Alliance Friendly Society, and under which there was at present owing £1,106 12s sd. Mr A. C. Allen held a second mortgage over this property collateral with nis mortgage over the Warrington property. Tho sum owing under the mortgage on the Warrington property was £1,037 Is sd. He was the owner of 3,855 £1 shares in the Fleming River Lands Ltd., and of those 3,540 were subject to a mortgage to Mr Allan, collateral with his mortgage over the house properties. The remaining 315 shares were unencumbered. Bankrupt attributed his present position to the falling off of the income from his business during tho depression period. His income during that time was barely sufficient to provide him with a living, and consequently tho interest due under tho mortgages had already accumulated, and ho had been unable to keep the rates and other outgoings paid. In answer to tho Assignee, the bankrupt said it was his connection with Fleming River Lauds Ltd. that had been tho chief cause of his trouble, one of his transactions therewith causing him a loss of £1,600.

The Assignee said that, as there was not a quorum present, no resolutions could be passed, and he would deal with the estate.