BANKRUPT ESTATE.

Taranaki Daily News, 8 April 1922, Page 5

BANKRUPT ESTATE.

A JEWELLER’S FAHLURB. AN INGLEWOOD BUSINESS. Creditors in the bankrupt estate of Robert H. Geddes, jeweller, of Inglewood. met at New Plymouth on Thursday, the D.O.A. (Mr. J. S. S. Medley) presiding. Mr. A Bewley appeared for bankrupt The D.O.A. stated that the bankrupt had filed on March 29. The statement of assets and liabilities showed unsecured creditors £859 6r lOd and assets £Bl5 10s sd, leaving a deficiency of i £43 16s sd. but the D.O.A. stated that i subsequent alterations made the postI tion rather better, reducing the deficiency 'by about £2O. In a written statement. the bankrupt said: “I started business in Inglewood on my own account about nine years ago with £l5O capital. I took over a business with stock valued at £650 and oaid £l5O down, the balance being left on bills extending over a period of three years. The following year I married and this necessitated my spending about £6O in alterations to the living premises attached to my shop. In the same year a fire broke* out in my premises and, although my loss was assessed at £260, I recovered only £l3O from my insurance policy. At the best of times I have never made more than a bare living and have made several attempts to sell out. but without success. The outbreak of war seriously affected my takings and during the last few years my business has not improved and I have gradually got more and more behind with my accounts, and about nine months ago * I wrote to my principal creditor, Messrs. Sll&den a\d Son, and explained my position to them and that the business was not paying its way. and on their advice I carried on until after the New Year. The recent slump has still further reduced my sales and made it evident that I could not hope to improve my position. As my principal creditor was pressing for payment of the amount owing and had issued a distress warrant, I had no option but to file and place all my creditors on the same footing.”

The list of unsecured creditors was given as follows:—F. Sladen and Son (Christchurch) £203, Arthur Clark (Wellington) £7B 2s 2d. Matthews and Co. (Wellington) £lO 6s, W. Denison and Co. (Auckland) £25, Buchanan and Co. (Auckland) £7 10s, P. Hayman and Co. (Auckland) £7 10s, A. B. Proud. Ltd. (Auckland) £2 10s. Thos. Albrecht (Auckland) £l, Murphy Stewart (Wellington) £l, John Avery, Ltd. (New Plymouth) £44, John Swinson Company (Wellington) £ll, Hamer ton and Son £l5, G. E. Henwood £6O, Wm. T*awrence £24, Wm. Marshall (New Plymouth) £7O, P. G. Nops £l5O, G. S. Kennedy (Auckland) £5O, Sutherland Bros. £3 16s 94, M. Sutherland £5 3s 6d, Inglewood Borough Council £3 10s, John Rogers (Feilding) £29, John Payne (Napier) £5 7s, McLeod and Shade (New Plymouth) £2 Is sd, I. M. Kidd £35, Taranaki Herald £1 10s. Under examination by the D.O.A. the bankrupt said he was married and had two children. He had drawn about £4 or £5 a week for living expenses. The reason for his failure was that he had not done sufficient business. The stock was worth all that it. had been put down at. On the motion of Mr. Kidd it was decided to take steps to dispose of the business, and that in the meantime it be carried on.