BANKRUPT CHINESE

Sun (Auckland), Volume III, Issue 913, 5 March 1930, Page 7

BANKRUPT CHINESE

TWO GARDENERS MEET CREDITORS WEATHER RUINED CROPS A meeting of creditors in the insolvent estate of Lim Chin Sam and Lim Ming, two Chinese market gardeners, of Bombay, was held yesterday before the official assignee. Mr. A. \Y. Watters. Proceedings were informal, as the debtors had filed a petition in bankruptcy* under the name of the firm. Yim Ling Chong. Bad weather for two seasons was t lamed for the bankruptcy*. One creditor present stated that acres of peas had been spoiled by* the rain, and instead of returning the gardeners between £ SCO and £9OO they had received only* £ 100. Last season their potato crop had also been ruined. The liabilities to unsecured creditors were £1,545, and to secured creditors £2OO. making a total of £1,745. Assets were show as book debts £34. and stock-in-trade £2OO. The book debts were estimated to produce £5. In their written statement the debtors said that they leased a property at Bombay in 1924. They had a capi 2 of £632. The first two s.'sons were excellent, but the two following were bad and the losses heavy’. Both partners worked on the property*. Their persona] drawings did not exceed 20s a week. Through an interpreter the debtors said that originally there were four partners, but the other two had gom to China. One received £47 and left in 1925. and the other in 1927. The last had cost £2OO to bring out from China. During the examination it was shown that the original capital of the debtors amounted to £350. They had borrowed the remainder of the Because of the informality of the proceedings no resolution was passed, but an arrangement was reached concerning the control of the property and certain crops which are dne to riper within the next few weeks.