HIS CREDITORS WERE SYMPATHETIC

Sun (Auckland), Volume 1, Issue 66, 9 June 1927, Page 14

HIS CREDITORS WERE SYMPATHETIC

PRODUCE MERCHANT FAILS Insufficiency of capital was the reason assigned by F. S. Gillespie, produce merchant, Auckland, for his bankruptcy. His creditors met this morning under the chairmanship of Mr. G. X. Morris, the official assignee. Much sympathy was expressed for the bankrupt and it was moved that his plant be sold by public auction and that he be given his discharge as soon as possible. Unsecured creditors were owed £242 Os 6d, assets were £157 3s 3d and the deficiency shown was £S4 17s 3d. Bankrupt, in his statement, said that he purchased the produce and commission merchants business of J. Braid and Company in August, 1924. He paid £2O for the goodwill and put £3OO into the business. At first the trade showed a profit. But he had great difficulty in getting in bad debts and had to write £SO off. At the same time a fall in the potato market had cost him £4O. Depression in business caused the loss of his £3OO capital and this year he found his position getting . worse. He attributed his failure to the insufficiency of his capital. He had been forced to file by one of his creditors after all other creditors had agreed to a private assignment.