FOXTON HOTELKEEPER’S FAILURE.
* MEETING OF CREDITORS LAPSES FOR WA!NT OF QUORUM. A meeting of creditors in the estate of Cbas. Pritchard, hotelkeeper, of Foxton, called for yesterday moirning lapsed for want of a quorum. In his sworn statement to the D.0.A., bankrupt attributed the deficiency of £1169 18s lid in his estate to paying too much for the goodAvill of his lease and to the stoppage of work in the flaxmills in the Avinters of 1927 and 1928. Bankrupt stated that in April, 1927, he purchased the goodwill of the lease, the license and furniture in the Post Office hotel, Foxton, for £ISOO. At the time, the lease had two years anti three months to run. Bankrupt put £4OO cash into the deal and bo|rrowed the balance. 'The hotel Avas represented as taking £7O a. Aveetk, but this figure rapidly declined and had not nvcraged £SO. 1 Mi thin a month after bankrupt took OA r er, the Foxton flaxmills closed down and did not tt-open till September. In the folloAving year, they were closed from March to December. The lease expired on July 4, 1929, and as bankrupt could not alrrange finance for a new lease, he' had to walk out.
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Manawatu Herald, Volume L, Issue 3971, 16 July 1929, Page 2
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202FOXTON HOTELKEEPER’S FAILURE. Manawatu Herald, Volume L, Issue 3971, 16 July 1929, Page 2
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