SYMPATHY WITH BANKRUPT GROCER

Sun (Auckland), Volume 1, Issue 42, 12 May 1927, Page 13

SYMPATHY WITH BANKRUPT GROCER

FAILURE AFTER 20 YEARS discharge facilitated A meeting of creditors in the bankupt estate of Walter Cunningham, jfrocer, of Victoria Street, Auckland, was held before the official assignee, * Morris, this morning, to receive the report of the auditor who ex jL mi, ied bankrupt’s books. The liabilities amounted to £1,593 4d and the assets £996 7s 3d, the oeflciency being £597 0s lid. fn his statement, Cunningham said e set up in business as a grocer 20 Years ago and had been trading successfully until some 12 months ago, en ’ as a resu lt of his ill-health and «ie competition of foreigners, his busiess began to go back. New shops in :{J e same line of business had made tneir appearance in his vicinity, so that e was forced to "cut” his prices to Kee P customers. The auditor’s report stated that only m , statement could be made of bankrupt’s affairs as his sysmof bookkeeping complicated an quiry. it would appear that Cunj iad not taken stock regularly „, nc, _ over-estimated the value of goods on hand. K creditor raised the question of nr. Dk^ lpts dealings with race horses, a "hich, it was stated, he had lost money. Bankrupt said some four years £go he raced Lady Rewa, a successful of v ß ?’- which had won him £1,133, all h. i * la d been put into the grocery Another horse which had wjJ 1 .\ n three races during the last six t 8 * liu * never been placed. It was j him £4 6s a week during the ,u (1 and had been withdrawn after third race.

The assignee remarked that the horse racing was only a minor factor in the failure of bankrupt’s business. Cunningham said that on the whole his successful horse had more than paid for the loss on the other. Mr. Morris stated the only fault with bankrupt was that he had not taken his larger creditors into his confidence when he found his business was unsound. A motion that the assignee be instructed to facilitate bankrupt’s discharge was carried, an amendment being negatived.