BANKRUPT GROCER.
« —- PRICE-WAR BLAMED. J Price-cutting and the loss of much trade, due to many of his former customers obtaining supplies from relief depots, were the reasons given by Leo Patrick McMullan, storekeeper, Madras street, Christehurch, for his failure when he met his creditors yesterday in the ofiico of tlie Official Assignee (Mr J. i". Robertson). Bankrupt stated that he started business in 1928 with £270 in cash and £250 which he had borrowed. After he hj; d been established for about a year the price-cutting indulged iu by chaiu stores af eeted him adversely, the fact that former customers were also receiving relief from .depots also damaged his trade. He had been compelled to file when a distress warrant was issued against him. The financial statement showed that bankrupt owed £384 15s IJd to unsecured creditors. His assets amounted to £175 18s 2d, including £l2O stock-in-trade. There was a deficiency pf £2OB 17s 9d. It was decided ; tp le&yo tn© estate jia the hands of tfce QJueial Assisjwe, wiw? is to endeavour to dispose of it so fhjit some payment might be made jto the creditors.
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Bibliographic details
Press, Volume LXVIII, Issue 20729, 14 December 1932, Page 7
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187BANKRUPT GROCER. Press, Volume LXVIII, Issue 20729, 14 December 1932, Page 7
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