BANKRUPT PIEMAKER.

New Zealand Herald, Volume LXIV, Issue 19806, 29 November 1927, Page 14

BANKRUPT PIEMAKER.

IMQ TRADING BOOKS KEPT. The examination in baukruptcy of Michael Sylvester Tracey, formerly a picmaker and teashop proprietor in I'arnell.. was conducted yesterday by the oflicial assignee, Mr. G. N. Morris. Bankrupt's schedule showed debts owing to unsecured creditors amounting to £333 14s 7d. and £139 owing to secured creditors. The estimated value of the securities was set down at £230, the surplus of £9l reducing the deficiency to £242 14s 7d. In a statement bankrupt .said he started a tea-room and confectionery busi ness in Parnell Road five years ago, bis capital consisting of £IOO and £l5O which lie borrowed. In 1925 he obtained a contract for the supply of 40 dozen pies a day "to the railway station, and bought a delivery van and a baker's oven on the time-payment system. Sub sequently the contract was discontinued in January, 1926. and ho was unable to dispose of his output in payable quantities. His plant was seized and he had to close the shop For the past two years lie had been assisting his wife in a small business at Henderson. He sof fered from heart trouble and was unable to undertake heavy work. In answer to the official assignee, bankrupt said he had not kept any books, as he "did not think it was necessary. " The official assignee "aid apparently there was no hope of tnere being nnything for the creditors. No resolution was passed.