CREDITORS LEFT LAMENTING.

Auckland Star, Volume LXII, Issue 87, 14 April 1931, Page 4

CREDITORS LEFT LAMENTING.

AMUSEMENT PARK FAILURE. Creditors of the Auckland Amusement Park, Ltd. (in liquidation), have been notified by the liquidator that the proceeds of the sale of tlie company's plant are not sufficient to meet the first ot the two debentures issued by the company, and that the claims of creditors consequently cannot be met. The letter from the liquidator is as follows:—"I take this opportunity of advising you that owing to the assets having unfortunately to be sold at a price far below, that owing to the debentureholder, it leaves no funds available for the payment of your ordinary claim against this company. The position is exceedingly unfortunate; we had anticipated getting several thousand pounds for our assets, but we were compelled by circumstances to accept an offer not even sufficient to pay the fivst debenture-holder, and this in spite of the fact that we advertised extensively throughout New Zealand and Australia for the sale of the undertaking, either as a whole or in part. The final accounts are not yet completed, but the position cannot, unfortunately, be altered in any way." The capital of the Auckland Amusement Park, Ltd., as disclosed in its last balance-sheet, was £35,654. Two debentures were issued on the assets of the company, the first of £492 and a subsequent debenture of £1500.