BANKRUPT PIE MAN

Sun (Auckland), Volume I, Issue 213, 28 November 1927, Page 13

BANKRUPT PIE MAN

PARNELL VENTURE FAILS Pie-making 1 proved an unprofitable calling for Michael Sylvester Tracey, formerly of Parnell, and now living at Henderson. He went bankrupt after three years’ baking, and appeared this morning before the official assignee, Mr. G. K. Morris, to account for his failure. Bankrupt’s schedule showed £333 owing to unsecured creditors, and £l3l* to secured creditors. The value of securities was given as £230. The deficiency was therefore £242. In a statement bankrupt said that about five years ago he started a confectionery business in Parnell. He had £IOO to start with and borrowed £l5O, giving the lender a bill of sale over the shop plant. For some time the business flourished. He obtained an oi'der for 40 dozen pies a day from the Auckland Railway station, but after some time he lost the custom. On the strength of this order he had purchased costly plant and eventually had to surrender this on account of a falling off in trade. Since leaving Parnell he had been assisting his wife in a small confectionery business at Henderson. His health was very unsatisfactory, and he could not undertake heavy work. Nnder examination Tracey said he kept no books at any time because he thought the practice unnecessary in his case. Regarding pies for the railway stall bankrupt said he had had no signed contract, and admitted he was foolish to buy large plant on the strength of the rush in orders The stall proprietor had ceased to buy his pies because they began to make their own. He had never had complaints about the quality of his confectionery. Asked what part in his failure was played by drink, Tracey said that liquor may have had a little to do with his losses but he had not drunk or smoked for 18 months. The only creditor to appear arrived at the close of the meeting. “There are no assets,” Mr. Morris informed him. “Oh, that does not surprise me,” returned the late arrival. I have been in these affairs before.” The meeting was adjourned sine die, when bankrupt had intimated his inability to make any offer.