Troubled firms’ chattels auctioned

Press, 10 February 1989, Page 3

Troubled firms’ chattels auctioned

The boardroom table of Mainstay Properties (in receivership) came under a different kind of hammer in Christchurch yesterday, when an auctioneer, Mr Bryan Andrews, called for bids. The well-attended auction was a sign of the economic times because it consisted of the office chattels and equipment of three financially troubled firms — Mainstay, and Kinetic Investments and Marshall Futures, both in liquidation. Mr Andrews told prospective buyers that the Mainstay boardroom 10seat oak table had a replacement value of $6OOO. In the event it was sold for $2300 and the chairs that went with it were sold for $275 each. Another boardroom table, a 16-seater in solid rimu, sold for $l5OO and the accompanying 10 chairs, offered separately, fetched $l4O each.

Bidding was brisk for framed prints, office desks, typist chairs, and computer equipment. ,Two leather settees sold for $3250 each. The auction was held on the instructions of Price Waterhouse and Coopers and Lybrand, two national accounting firms.