IN BANKRUPTCY.

Shannon News, 22 August 1922, Page 3

IN BANKRUPTCY.

MEETING OF CREDITORS. j

Creditors in the bankrupt estate of Hector Neil Gemmell, engineer, of Shannon, met ,at the office■ ol" the D.0.A., Palmerston North, three, creditors being represented. Bankrupt made a sworn statement in the course of which he said that he commenced business in the motor trade in Palmerston Nortih, which had prospects of being yery t good at that time. He had borrowed £3OO from the. Repatriation Department to purchase plant, and £75, to buy .furniture'. In addition, he had £250 of his own. He purchased' two motor-cars, borrowing £l6oo' from his father. Shortly" afterwards the slump came; he could not sell the cars, and work in the garage fell away. Being unable to continue, he handed ihis plant, valued at £325, over to the Repatriation Department:, He was at present employed by the Public Works Department at Shannon, earning only sufficient to keep his wife and three children. Owing to warrants being issued against him he decided to file. Bankrupt attributed his financial position to purchasing the cars, and the slump in business coming' so suddenly. Bankrupt's statement showed his assets to be: Book debts £lO, estimated' surplus from securities £103; total £ll3. Liabilities were: Unsecured creditors £124; deficit £ll 6/9. Outside of plant and furniture\there were no assets except, the book debts. The meeting adjourned sine die.