SKATING RINK VENTURES.
BANKRUPTCY OF PROPRIETOR. FAILURE OF THREE CONCERNS. The failure of three roller skating ventures in Auckland resulted in the bankruptcy of Robert Brown, with debts totalling £4164. Creditors assembled at the first meeting before tho official assignee yesterday, Mr. Tong appearing for bankrupt. \ The schedule showed secured liabilities amounting to £3415, and unsecured debts of £749. The assets, including securities, amounted to £5970, leaving a nominal surplus of £IBO6. In a written statement bankrupt said he had been a grocer by trade, but bad conducted a land agency for several years. In June, 1925, he opened tho Golden Gate skating rink in Newmarket. Before undertaking the business he had about £6OO in cash and two second mortgages valued at £290. When the skating rink opened the takings were about £IOO a week. In August, 1925, a lessee in tho building initiated proceedings for au injunction, and skating had to bo confined to the evenings. The takings decreased to £6O a week and continued to fall off until expenses were not being made. Bankrupt said he lost money on a deal in a motor-car. He opened a second rink in the old Broadway Theatre in order to carry on with skating during the day, but this was a failure. About six months ago lie made a third attempt at the Premier Rink in Newton. When he embarked on this venture he was expecting £4OO in cash and £4OO from a mortgage, but he did not investigate his position. Mr. lusher: Some of you gentlemen havo a queer idea of responsibility. Bankrupt said he arranged to create a limited liability company last August in order that his wife and daughter might share in any profit. Mr. Fisher said there were large pre* ferential claims for rent. Bankrupt said he had a quantity of used postage stamps which might realign about £25 if sold to philatelists. Mr. Fisher: I will have to put in art unfavourable report. He should havo in-' vestigated his circumstances. Bankrupt: My trouble has been due to taking people at their face value. No motion was submitted.
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New Zealand Herald, Volume LXIII, Issue 19456, 12 October 1926, Page 13
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351SKATING RINK VENTURES. New Zealand Herald, Volume LXIII, Issue 19456, 12 October 1926, Page 13
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