GARAGE PROPRIETOR'S FAILURE.

Shannon News, 24 January 1923, Page 3

GARAGE PROPRIETOR'S FAILURE.

A meeting of creditors in the estate of David E. Porter, garage proprietor, of Shannon, was held in Palmerston on January 19, and was attended by the bankrupt and his solicitor (Mr Adams), Mr A. Steer, Mr T. B. J. Mason, representing by proxy Mr Robert Ramsay, whilst Mr E. A. H. George was also represented. Presenting his statement, the. bankrupt said he had taken over a garage business in 1916 from his son in order that the, latter might go to the war. Bankrupt had put £7OO into the business—which consisted of five motorcars and a number of articles of plant —and since that time had supplemented the amount with a further sum of £BOO. From the commencement the business did not pay, although he managed to struggle along in the absence of anything else. Fifteen months ago, however, he borrowed £4OO from Mr Steer, offering as security a lease and the cars. With this amount he paid off some of the accounts. His efforts proved of no avail, however, for he was later forced to file. As he financed Ms son in the business originally, he understood that it was his when his son left him with it. At the time he took over, debts had been incurred 1o a value of £l5O to £2OO. The amount due to unsecured creditors totals £253 9/10, and to secured creditors £4OO. The assets total £670, leaving a surplus of assets over liabilities.