BANKRUPT TOBACCONIST

Sun (Auckland), Volume I, Issue 257, 20 January 1928, Page 16

BANKRUPT TOBACCONIST

CREDITORS NOT SATISFIED, MEETING ADJOURNED 4 ‘lt is not altogether satisfactory, especially as he had a good business and cannot explain why it went back,” said Mr. G. N. Morris, Official Assignee, at the meeting of creditors In the bankrupt estate of Richard Ambrose McKernan, tobacconist, of Devonport, this morning. Bankrupt’s schedule showed the sum of £ll3 17s lid as owing to unsecured creditors, with assets nil. He stated that two years ago he purchased a business at Devonport for £333. He paid a deposit of £2OO wTiich he raised on a bill of sale, and agreed to pay the balance at the rate of £3O a quarter. He then borrowed £ISC privately to stock the shop. The first year was a good one, but business fell off the second year while he was -way Being pressed he sold out in December. 1926. After repaying the principal on the loan of £l5O he had £l3 left, and since then he had had three days’ full work.

Questioned by the Official Assignee as to his absence, bankrupt said he was away for six months. On his return he found the business in control of the man who held the bill of sale, and he had to work under a disadvantage. Bankrupt said he could not say why the business fell off. He admitted that he did not attend to business regularly each day. Creditors wanted to know where the books were that had been kept by the man who took possession, and as they had not been brought forward the meeting was adjourned to allow of them to be produced.