BANKRUPTCY

Gisborne Times, Volume XXV, Issue 2030, 15 March 1907, Page 2

BANKRUPTCY

REST AU]t ANT-KEEPER’S FAILURE. Yostorday morning two creditors attended the mooting for the examination of C. J. Kriopp, lately, keeper of tlio Trocadero restaurant, A .statement supplied by bankrupt showed that unsecured creditors were owed £77 Os Bd, that a secured creditor was owed £2lO for which there was security valued at £202, making the total debts £BS Os Bd. Bankrupt, examined by the Official Assignee, said the, statement of assets (showing £0 15s) was correct. Had some furniture, blit the most of it was sold by the secured creditor, realising £B2 odd. Borrowed £2O from the secured creditor, giving a security over household furnituro and the plant at the Trocadero. A piano, which was not sold, was worth about £35. The sale of all tho household furniture and restaurant plant would not pay the secured creditor, who also had a bond over tho lease of tho restaurant. Tho rent (£G 5s per month) was paid -up to March 22nd. The lease had a year and eleven months to run. Started in the business in May, 1900. Previous to that was chief cook at tho Masonic. Had about £3O capital to start on, but this was all used before business was commenced. Was enabled to start by the loan from Mr. Fryer. It cost him £ISO for the goodwill of tho restaurant. At the start tho business seemed promising, but after about a month people seemed to tire of the novelty and business dropped. About September ho came to recognise that he was going behind. Then tried to sell the business, but was unsuccessful. Had wound up his affairs voluntarily—nobody was troubling him. Called a meeting of his creditors last week, but very few attended. One of the principal creditors advised him to file. One cause of the failure was the fact that the restaurant was upstairs. Another factor was that the hotels provided very good meals and the majority of people did not patronise restaurants. For this reason also he had to put on expensive meals for which he only charged Is. There was also keen competition from other restaurants. The cooking was all done by gas and if it had been otherwise a saving of £5 per month might have been made. Had no offor to make to the creditors. Was working on wages now. Tho meeting then adjourned.