HEAVY COST OF MOVING

Press, Volume CVI, Issue 31091, 21 June 1966, Page 5

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.