HEAVY COST OF MOVING
Statement By Bankrupt The cost of moving into a new factory and high overhead costs were behind their bankruptcy, Ronald James McCracken, of 55 Hillary crescent Upper Riccarton, and lan George Olsen, of 135 Milson street Spreydon, who traded as McCracken and Olsen, said in statements to the Official Assignee (Mr T. A F. Withers), presented at a meeting of their creditors yesterday. “Everything went wrong" after the partnership’s business moved from Kingsley street to Buchan street two years ago, McCracken said. The firm, which bad manufactured furniture, had been advised by its accountants in July, 1965, that if finance could not be raised it should dose. He and his partner realised that the partnership was not working in October, 1965, McCracken said. The joint statement of affairs made by McCracken and Olsen listed £5331 5s lid owing to unsecured creditors, and the only asset some partlymade furniture. The furniture “might fetch £100,” Mr Withers said.
The meeting passed a motion authorising the Official Assignee to dispose of any assets by private treaty or other means.
The bankrupts said they were unable to make any offers to their creditors at present.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19660621.2.55
Bibliographic details
Press, Volume CVI, Issue 31091, 21 June 1966, Page 5
Word Count
195HEAVY COST OF MOVING Press, Volume CVI, Issue 31091, 21 June 1966, Page 5
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.