UNPROFITABLE KIOSK

Sun (Auckland), Volume III, Issue 645, 23 April 1929, Page 10

UNPROFITABLE KIOSK

BANKRUPT’S UNLUCKY VENTURE HOPED TO SUCCEED A kiosk at Kohimarama did not prove a paying proposition for Edward Michael Leydon, of Costley Street. Ponsonby, who attended a meeting of his creditors yesterday. Until he took over the business, the bankrupt had no debts. His creditors did not pass any resolution and Leydon’s affairs were left to the official Assignee, Mr. G. FT. Morris. A deficiency of £361 was revealed in bankrupt’s financial statement. To unsecured creditors, £1,066 was owing, and to secured creditors £1,995. Securities were valued at £2.500, leaving a surplus of £505, and there were £2OO book debts. Bankrupt said that lie bought “Rangi View,” Kiosk, Kohimarama, in September, 1927. for £2.500. It had been represented to him that the weekly takings were £4O. but lie later decided that they could not have been more than £ls. Questioned by the assignee. Leydon said that he borrowed to go into the business. Up to then he had no liabilities, but his assets were by no means considerable. Mr. Morris found that Levdon had apparently incurred no liability since March last year. “Why did you not file then?” lie asked. Bankrupt: I thought I could weather the storm. Mr. Morris said he could not understand why Leydon had not filed immediatelj*.