SKATING RINK VENTURES.

New Zealand Herald, Volume LXIII, Issue 19456, 12 October 1926, Page 13

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.