BUSINESS REVERSES

Sun (Auckland), Volume III, Issue 852, 21 December 1929, Page 7

BUSINESS REVERSES

CLOTHING MANUFACTURER BANKRUPT SUFFERED FROM ILLNESS declared by the solicitor for the petitioning creditor to have been in an uncertain business position when he borrowed £250 from the creditor, Lewis Braham, a clothing manufacturer, of Ardmore Street, Ponsonby, was examined yesterday afternoon by the official assignee, Mr. A. V. Watters. Under examination, Braham denied that he had neglected his business and his statement was supported b r several creditors. Mr. J. Kerruish, representing til3 petitioning creditor, was appointed to assist the assignee in winding up Bnham’s estate. The books will be investigated to determine whether the trade losses accounted for tlio bankruptcy. Braham owed £662 6s 9d to unsecured creditors, and £1,228 to secured creditors, but. he had securities valued at £1,600. His assets were £528 18s 9.1 and the deficiency wss £133 Bs. He began as a clothing manufacturer in 1926 with £33?. There was a loss in the first year but, in the second year with every prospect of making money, he became seriously ill and was away from the business for five months. Afterward, he could not carry on. He sold out in April, 1929, for £BO and then went into partnership in a fur business, which was not successful. Recently, be had started in partnership as a clotting manufacturer in a small way but the business had not time to develop.