Where Did the Money Go ?

NZ Truth, Issue 1018, 30 May 1925, Page 5

Where Did the Money Go ?

Billiard Saloon Man Mystified

Vivian H. G. Wirk, hairdresser, tobacconist, and billiard saloon proprietor, of Te Aroha, lost £700 m his business m fourteen months, or at the rate of £50 per month. Then he filed his schedule. He met his creditors m Auckland the other day, and as he could supply no acceptable explanation as to how or where the money went, the creditors expressed dissatisfaction m, irate terms. The schedule supplied by bankrupt showed £590 owing to unsecured creditors, while his only assets comprised stock ,to the nominal value of £165 — against which there was a claim of £138 for six months' rent, a claim which had preferment. It Avas said by a creditor that Wirk bought the business lor £1343, on which he had paid £400 deposit and a further £112 out of earnings. It looked as if there would be absolutely nothing for the creditors, with the exception of the landlord. Bankrupt said he could not make the business pay. He had expected to redeem winter losses m the summer, but 'twas not so. To this a creditor said that it was not a case of hardship but one of neglect, and the O.A. declared, himself , of the opinion that there had been a leakage. "I don't think you have given anything like a reasonable explanation," declared the O.A. . "There has- been a heavy leakage which you. have not accounted for. Is . it a fact that your stock decreased very much lately?" — No. : . The O.A. (severely): Do you swear that -ho stock has gone out of the shop except as the result of legitimate sales?— Yes; I say that not 'one sailing's worth has gone out that is not shown 1 m the books. He . added later that the failure of the business was a "mystery" to him. ■ ' ' The meeting, after some pertinent questions, adjourned to Te Aroha. !