Stott’s hopes to pay creditors

Press, Volume CXV, Issue 33934, 29 August 1975, Page 12

Stott’s hopes to pay creditors

The managing direc-■ tor of Stott Promotions, Ltd (Mr L. F. Stott), whose company stopped operating when its “Cash Bonanza” competition collapsed, still hopes to pay his creditors. Every effort was being made to ensure that all “Cash Bonanza" competitors and all creditors would be re-1 imbursed within the next! two months, Mr Stott said: yesterday. In May and June the competition failed to go as well as expected, and the New' Zealand Amateur Swimming Association and the New' Zealand Weightlifting Association withdrew from it. The competition had been organised to raise funds for the two associations.

Mr Stott then set up a sal-; vage operation and asked all competitors to pledge to sell’ four more tickets in returnl for six free ones.

■ “It was decided not to pro'ceed with the pledge offer, las less than one-third of the ; total number of competitors 1 even bothered to reply to our! offer,” said Mr Stott. He was unwilling to discuss his present plans, but said that all creditors would be informed of developments. Because of the situation the company was left in on the collapse of the competition. Mr Stott said, Stott Promotions was not operat- | ing at present. All assets had ‘ been frozen, and the books had been brought up to date.