ELTHAM BANKRUPTCY.

Taranaki Daily News, 3 November 1921, Page 8

ELTHAM BANKRUPTCY.

POSITION OF H. A. NUTTALL. MEETING OF CREDITORS. A meeting of creditors of Henry Alexander Nuttall, barber, of Eltham, who filed a petition in bankruptcy on October 22, was held at the Eltham Courthouse yesterday, the Deputy-Official Assignee (Mr. J. S. S. Medley), presiding. Mr. A. Chrystall appeared for the bankrupt. Mr. J. L. Were appeared for Miss Edwards and the Eltham Loan and Discount Co., Mr. Anderson for P. Hayman and Co., Bing Harris and Co., and Johnston and Co. The statement. of bankrupt showed that there were unsecured creditors to the extent of £835 19s Sd, and secured creditors to the extent of £Bl3 ilOs lOd, making a total of £1649 10s Gd debts’ The assets were: Stock in trade estimated at £6OO, cash in hand £4, furniture, plant and fittings £4OO, property £l3OO, making a total of £2304, anil leaving a surplus of £654 9s 6d.

The secured creditors were: The State Advances Superintendent (Wellington) £363 10s lOd, and Jessie Wiley (Stratford) £450.

The unsecured creditors were: Dominion Mercantile Agency, Co., Ltd. (Wellington), assignee of Ellis and Manton, Ltd., £140; Commercial Agency, Ltd. (Wellington), assignee of Johnston and Co.. Ltd., £l6 12s; Commercial Agency Ltd., assignee of Bing, Harris and Co., Ltd., £47 2s lid; Miss Edwards (Hawera). £130; Burgess, Fraser and Co., Ltd. (New Plymouth), £3 12s lOd; H. E. Partridge and Co., Ltd. (Wellington), £9 Ils; Cock and Co., Ltd. (Wellington). £9l 19s 9d; Van Stavern Bros., Ltd. (Wellington), £65 19s lOd; P. Hayman and Co., Ltd. (Auckland), £2l 2s 4d; Castleberg, Hayman and Co., Ltd. (Wellington), £lO 9s fid; Baker and Co., Ltd., £3l 13s lid; Eltham Loan Co., Ltd. (Eltham), £53 15s 7d; Bannantyne, Hunter and Co., Ltd. (Wellington), £l3 17s; Mailing and Co., Ltd. (Christchurch), £29 8s 2d; H. W. Brown and Co. (Wellington), £47 16s sd; M. Russell. Ltd. (Wanganui), £2l; Farmers’ Co-op. Society (Stratford), £22 ISs 9d; Wilson’s Motor Supplies, Ltd. (Eltham)', £3 14s; Andrew Chrystall (Eltham), £26 ss; A. D. Riley (Wellington). £8 14s Wd; Newton King, Ltd. (Stratford), £5 15s Id; A. W. McCarthy (Dunedin), £l5 Is; A. Taylor and Co. (Auckland), £4 10s Gd; Daily News (New Plymouth), £7 10s (id; Eltham Argus (Eltham), £l3; H. J. Johns (Wanganui), £6. , BANKRUPT’S STATEMENT. The bankrupt put in the -following statement: “In January. 1918, I purchased the business of Mr. E. Drake in High Street. Eltham, consisting of billiard room and hairdressing saloon, the purchase price being £525. 1 paid £3OO in cash and the balance in bills extending over twelve months, which were paid as they became due. My first setback was in November, 1918, during the epidemic period. My business was then closed for about a month, during which time I retained my stall of two men, paying them full wages, amounting to £7 per week. I also had to meet incidental expenses, rent, living, etc., and this despite the fact that nothing whatsoever was coming in. It was more

than two months after that business recovered its former position. In April, ilfllfl, I sold out this place to Mr. A. ' Kenny for about £5OO, receiving £3OO down and the balance in bills. “After selling out this place I opened up in my present premises in Bridge Street, where I had to erect new nttings, counters, benches, etc., and I also installed an electric light plant. Altogether, the initial expenditure amounted to something over £350 before I ever ' commenced business. Soon after commencing in Bridge Street I bought out Mr. Moffat and closed his shop, paying him £270 by bills bearing bank rate of interest. Some of the stock and plan. , bought from Moffat was dead, and 1 had to sell it at a loss. I then engaged another hairdresser at £4 5s per week, and as an extra I supplied mv stall' with cigarettes and matches, so that my saloon expenditure was approximately £lO per week. For some time after engaging the extra man business warranted the action but later begin to go back. I consider that the taking on of the extra man was an error of judgnient on my part, although for a tinv 1 1 did not think so. During the last 12 months things -eoniod to go against me. I lost a considerable amount of stuff through burglary, and that, together with loss in transit, and stock going bad through dampness, lost me about £ 100. PRESSED BY CREDITORS. “The last few months 1 have found myself to be .somewhat pressed to meet my creditors, and to relieve myself 1 put my business on rhe market and a sale was being negotiated. T was also negotiating a sale of my shop property across the road when the Dominion Mercantile Agency issued a distress warrant. I used all endeavors to stay proceedings for a time until I knew if the sales would eventuate, x but the Agency Company refused to meet me m the matter, although my other creditors were favorably disposed and would have met me. Things lining as they were,

with little hope of relief and the bailiff sitting on my doorstep. 1 had no option but to file. I did not file my petition I until I bad tried every means within ! my power of raising the money. There : was every possibility of effecting a sale !,»f both properties ‘if the distress war- ! rant had been withdrawn or withheld, and in such case all my creditors woiTld have been paid in full. I estimate my assets to e.xveed my liabilities by approximately £600.” In reply to the D.O.A. bankrupt stated that lie had some years ago purchased a half-acre section. He had paid £5 down on the section, but did not know how much had been paid off since. Hchad one £lO share in the Farmers’ Coop., £5 paid at first call. He considered that the business was. a paying concern now that he had dismissed one of the assistants. Owing to the financial stringency his business took £4O a month less than the first twelve months. The takings in the saloon brought in an average of £8 to £9 per week, and the shop brought in about £3O per week. He was asking £lOOO or valuation for the business. Since then a valuation had been made, and the shop, stock and plant was estimated at a value of £1282 2s sd. The D.O.A. said that the point was that the creditors would want to consider what was to be done with the business, Mr. .1, L, Were suggested that public tenders should be called for the purchase of the business rs a going concern, and public tenders for the stock and plant. He had lost a sale of the business because ho had given ft man an option over the business and could not sell when an offer was made. After a brief discussion it was decid-

pd that the business should be run for such a period as is considered desirable the D.0.A., and in the meantime it should be offered for sale, and the stock should be offered for sale by alternate tenders. Mr. J. L. Were said that the creditors whom he represented had every sympathy with the bankrupt. On his motion the following resolution was carried: “That this meeting of creditors express,sympathy with the bankrupt in his position, and will aid him in his discharge.”