STATIONER’S FAILURE

Sun (Auckland), Volume IV, Issue 1063, 29 August 1930, Page 16

STATIONER’S FAILURE

OFFICIAL ASSIGNEE TO ACT Creditors of Gordon Eric Preston, wholesale stationer, of Auckland, at a meeting yesterday afternoon, decided to leave the case in the hands of the official Assignee, M,r. A. W. Watters, for winding up. Bankrupt’s schedule showed assets •if £6B, with £219 owing to unsecured creditors, leaving a deficiency of £lsl. In his statement, bankrupt said* he diu well as a traveller until his firm started to cut his commission. He then went into business for himself in 1926, with a capital of £SO, and did so well that he moved into more commodious premises. He detailed various changes in premises during the first three years of business, but said that during the last year depression and unemployment had affected him. He had been compelled to buy for cash and sell on two or three months’ credit. He called his creditors together to discuss his posiion and had then filed his petition. The Official Assignee said bankrupt had had difficulties and had not incurred any large debts. Only three -of h's creditors were for more ilian £lO, with the exception of that rent.