IN BANKRUPTCY

Gisborne Times, Volume LXV, Issue 10314, 25 January 1927, Page 2

IN BANKRUPTCY

CONFECTIONER'S FAILURE. . That firms from whom- he ordered goods for his new shop, the ‘Elite” in Peel Street and “The Majestic” in Gladstone Road, doubled the-amount of his orders is an allegation ascribed by Israel Gelhor, # confectioner, oi : Gisborne, as the mainly contributory cause leading to his bankruptcy. In a petition filed with the Deputy-Official Assignee Gelhor says:— “On July 8, 1926, I commenced business in Peel Street, Gisborne, as a confectioner and I started in a very small way. I made most of the fittings myself, and out of the profits i _ paid for the other fittings. With the money I had in hand and with the assistance I received, I was able to stock this place reasonably well. I made a great part of the confectionery myself, this being my trade. I made the business in Peel Street pay with a little difficulty. 1 pay £3 iOs per week rent for the shop in Peel Street plus 10s per week in rates. I deemed it advisable to go into a shop in Gladstone Road and started there as a confectioner and tearooms on October 16, 1926. My rent for this shop was £7 per week and my turnover here was approximately £4O per week. I ordered from Auckland, £3O to £4O worth of goods when I vent into the Peel Street shop, and to my surprise I received £99 worth. Foolishly I kept the lot instead of returning the’surplus. Had they sent the actual order I could have met it, as, in any case, I paid them £SO on account. I had a similar experience with two, other firms in doubling orders, which placed me in a very awkward position. This doubling of orders was really the cause of my trouble. Had this not happened I could have paid my way. An Auckland firm sued me just before Xmas and put the bailiff into mv business. Apart from this .'the firm in Question received two post-dated cheques from me and I had made provision to meet them, and they would have been paid had they been presented. Now the bailiff is in and other firms are pressing me, so I have iui alternative than to file. Had, however, I been giventhe opportunity and a little time been allowed, I have no hesitation in saying that all accounts would have been paid in full and without much difficulty. It is the anxiety for my other creditors that compels me to take the step which I have taken. f might mention that I have worked IS hours a tlav to make ends meet. During the whole time I have worked 1 have not taken out anv moneys for wages. 1 ’

j he financial statement shows that £583 10s 5d is owing to unsecured creditors. Rent to the extent of £44 is secured and other liabilities £SU bring the total debts to £677 10s 3d. tho total assets are set down at £Bl4 the stock-in-trade in the “Elite’’’and “Majestic” shops' being valued at £2OO and £IOO respectively, while the furniture and shop fittings are estimated to be worth £l5O in the Elite and £364 in the Majestic. There is thus a surplus of £l3B 9s 9d. Tiie unsecured creditors are as follows: Common, Shelton and Co., £64 18s 6d; Hughes and Gossan Auckland, £29 10s; Fisken and Ludwig, Gisborne, £lO 18s 3d; R. IV. Cook, Gisborne, £1 10s: D. J. Barry, Ltd., £1 16s 8d; McKay Bros., Gisborne, £6 2s 2d ; Murray. Roberts Ltd., Gisborne, £44 os; Harold Armstrong,’ £3 Cs 6d; Stanley Newcomb and Co., Auckland, £1 4s Sd; N.Z. Picture Supplies, Gisborne, £1 10s; Aulsebreok and Co., Christchurch, £6l 12s Id; Grundy and Shennan, £3; IV. Stewart, Gisborne £1 13s Gel ; Archie Kirk, Gisborne, £4 19s Gd; R. J. Kerridge, Gisborne, £2 ss; Goldsmith and Whinray, £p 2s 6d; Thos. Munro. £2 10s 7ci; Poverty Bay Herald, £4 10s; F. Hall and Sons, £8 Is 6d; Gisborne Gas Cov., £27 7s Id; E. Chrisp and Sons, £1 2s 6d; T. G. Johns, £8 3s; C. H. Farness and Co.. Auckland, £ls Is 3d ; IV. G. Bradley, £l2; Henry Gardner, £l9 ISs lid; Geo. Richardson, £3; Geo. Smith. £3 3s ; *S. _Smith. £6 14s 4d ; Stevens, Mahoney and Co., £6 15s ; H. Martin, £6 11s 9d; A. J. Entrican (Auckland), £lO 4s; Ellis and Bull. £9 15s 6d; Thos. Adams, £1 5s 9d; E. J. Poswillo, £l2 7s 9d; Auld and

Gleeson. £9 11s; 4V". J. Sinclair and Co., £S 17s 6c); P.B. Agricultural Association, £1 4s; F. Albrecht, £2 17s; J. T. Hall, £73 11s; National Bank of N.Z. guaranteed account, £-30.

The secured creditors are the Herald Co.’ £2B, and Common. Shelton and Co., £l6 for rent.