Deficiency of $5691

Press, Volume CXIV, Issue 33672, 23 October 1974, Page 19

Deficiency of $5691

Bad management and lack of experience in the grocery business were the main reasons for Scarborough Stores. Ltd. going into receivership and liquidation, a creditors’ meeting was told yesterday. An order was made on September 20 for the winding up of Scarborough Stores The company, whose principal' shareholders were P. J. and M. P. Couniham. had 16 unsecured creditors of $2831.83 and debenture debt of 52859.21 The total deficiency is $5691.04. The Deputy Official Assignee (Mr L< Anderson), said that the company was incorporated in January. 1973. to trade as a grocer. In August. 1974. Mr R. N. Slack was appointed official receiver for the company. Assets of the company were 70c cash, stock to the total of $918.50. fixtures totaUing $1056, a van worth $95. and book debts amounting to $315.29. Mr Couniham said that he blamed the failure of the company on his bad management and lack of experience in the financial side of the business. “Also, it was not big enough to support a family of eight people,” he said. He had no previous expertence in the grocery business, and had sought very little advice from other people, Mrs Couniham said that many people were shopping at supermarkets and the firm had lost a lot of trade There was not a ouorum of creditors at the meeting, which was adjourned sine die.