BANKRUPT RADIO-DEALER

Sun (Auckland), Volume I, Issue 219, 5 December 1927, Page 13

BANKRUPT RADIO-DEALER

“INADEQUATE BOOKKEEPING” LARGE DEFICIENCY SHOWN Dealing in radio sets at Dannevirke proved the financial undoing of Cyril Henry Osborne Lane, a wireless mechanic, now of Ponsonby. He met a creditor thisi morning at tho ollice of the official assignee, Mr. G. N. Morris. Summing up his examination of bankrupt, Mr. Morris said the debtor’s system of book-keeping had certainly been inadequate. He should have filed at least a year ago. Bankrupt’s financial statement showed £735 owing to sundry creditors. His assets were given as £72. In a statement Lane said that he commenced business as a radio dealer at Dannevirke in July, 1925. Previously he was a book-keeper. He attributed his failure to inability to sell wireless sets owing to delay in connection with the erection of px-omised radio stations, particularly tho new Wellington station, which his clients were awaiting. At the end of last June he gave up his business and obtained a position as a travelling salesman, but the work terminated after a short period. He finally came to Auckland to take up radio work on commission. Bankrupt said he was now earning between £4 and £5 a week. He was also in receipt of a war pension and was prepared to pay at least £1 a week off his debts. “There is not one bankrupt in twenty who fulfils his word in an offer like that,” remarked Mr. Morris.

The meeting was then adjourned sine die.