BANKRUPTCY

Southland Times, Issue 18825, 19 May 1920, Page 5

BANKRUPTCY

A FRUITERER’S FAILURE. A meeting of creditors in the bankrupt, estate of George Edward Canning, fruiterer, of Invercargill, was held yesterday, the Official Assignee presiding. In his statement bankrupt, whose liabilities totalled £314 15s and his assets £289 Us, said that he had been a firewood merchant in South Invercargill before going into business which he purchased from Mrs Holmes, in August last, paying down £lls of the £315 purchase money. His working capital of £75 went into the business and was used up inside of two months. After the New Year holidays he found that he could not meet the promissory note for £2OO, the balance of the purchase money. Since January 4 he had been trying unsuccessfully to get a buyer for the business. His weekly earnings averaged about £3O for the first six months, and his working expenses about £SO pi r month. He kept an assistant and spent some time cutting firewood. He had a wife aud seven children, tile oldest being IS years of age. Bankrupt explained that he could not get credit so could not keep up the stock. He considered that he paid too much for the business. The principal creditor was Mrs Holmes (£172). The meeting instructed the Assignee to sell the plant in whole or in part subject to confirmation.