A STOREKEEPER’S FAILURE.

Taranaki Daily News, 9 August 1921, Page 6

A STOREKEEPER’S FAILURE.

MEETING OF CREDITORS, UNSECURED DEBTS £2364. A meeting of creditors in the estate of Hilton George Olliver, storekeeper, Riverlea, who was adjudged bankrupt on July 26, was held at the office of the Deputy Official Assignee (Mr. J. S. S. Medley), New Plymouth, yesterday. About twelve creditors were represented. The statement put in by bankrupt showed the amount of indebtedness to creditors (all unsecured) as £1639 18s 3(1, but there was a further sum of £725 of claims put in at the meeting, the total thus being £2364 IBs 3d. The total assets were given as £2091 9s JlAd. This was made up as follows:—Plant £289, stock-in -1 rade. £750, bool: debts £997 l()s 7d, cash in hand £54 19s 44d. The following was the list of creditors, I the amounts of the debts to the respective firms being withheld frojn publication by direction of the meeting:—Burgess, Fraser and Co., Newton King, Lid. Cock and Co. (New Plymouth); Levin and Co. (Hawera); Sykes and Co. (New Plymouth), A. Smalley (Kaponga); Myers and Co. (Wellington), Briscoe and Co. (Wellington); J. Scanlon (Kaponga). Wilson and Horton (Auckland), J. R. Boyd (Kaponga), L. Hifl CElt-ham), Farmers’ Co-op. (Kaponga), Bon Marche (Kaponga), John Burns and Co. (Auckland), Thompson and Hill (Auckland), Collett and Co. (New Plymouth), Furness and Co. (Auckland). J. W. Allen (Kaponga), J. G. Ward an 1 Co. (Dunedin), Yates and Co. (Auckland)). Eltham Motors (Eltham). Nestlee and Go. (Wellington), Macky. Logan (Wellington), Mills and Co. (Wellington).

Ou behalf of bankrupt, his solicitor (Mr. 11. B. Gibson) stated that Olliver started business as a partner in the firm of Thomas, Olliver ami Thomas in June last, and he opened a branch store for them at Riverlea. He later left them to run the Riverlea store on his own account. On the expectation that he md about £7OO coming from the partnership, he bought stock from Thomas and Thomas, and also from merchants in New Plymouth. In the meantime stock dropped, and there were other items of expenditure on which Olliver had to lay out a .fair amount of cash. . Examined on oath by the D.0.A., bankrupt said he started at Riverlea with a stock of iiio value of £452 13s 9d, which he considered belongerl to him, and he thought that there was also a cash balance coming to him from the firm of Thomas, Olliver and Thomas. There was considerable discussion on

what amount bankrupt expected to receive from his partnership with Messrs. Thomas. Olliver said he had expected to get in the vicinity of £lOOO from them, and apparently obtained credit on this statement. On his being adjudged bankrupt, A. and H. Thomas appeared in the list of creditors with a claim for a con siderable amount.

In reply to questions, Olliver said he had a motor car at present, but it belonged to his wife. She had purchased it with his gratuity and deferred pay. He had not received a loan to buy furniture. and he admitted that his previous statement to the effect that he did get a loan was untrue. He put his loss down partly to inexperience of the whole business.

A resolution was subsequently carried instructing the D.O.A. to realise the estate to the best advantage. He was also recommended to investigate the relations existing in connection with the partnership between bankrupt and the firm of Thomas, Olliver and Thomas.