RADIO DEALER’S BANKRUPTCY

Southland Times, Issue 23335, 20 October 1937, Page 12

RADIO DEALER’S BANKRUPTCY

COMPETITION TOO KEEN MEETING ADJOURNED SINE DIE A meeting of creditors in the bankrupt estate of Frederick Charles Crosado, of 305 Tweed street, was held before the official assignee (Mr A. McCarthy) yesterday. Bankrupt, who was represented by Mr J. C. Prain, in his sworn statement said that before the beginning of 1936 he was gold mining in various parts of Southland, but early in 1936 he went to Christchurch to a position with an electrical firm. During the last six months he had been living in Invercargill and carrying on business as a radio dealer, building radios and selling them. As most sales of radios were made on terms competition from the recognized dealers was too keen, and he found he was not able to dispose of a sufficient number of sets to carry on the business. He had been sued, and recently a distress warrant was issued against his goods and he had no alternative but to file his petition in bankruptcy. He was living in a rented house for which he paid 10/6 a week. Bankrupt added that he was a married man with one child. The unsecured debts amounted to £175 8/-, the principal unsecured creditors being Lamps House (Wellington) £42, Turnbull and Jones, Ltd. (Dunedin) £42, National Electric Company (Dunedin) £3B, R. Buckingham (Nightcaps) £l4 and Nairns, Ltd. (Tuatapere) £ll. The total assets amounted to £63 3/-, including £23 18/- book debts, all of which bankrupt stated were good. Bankrupt said that he was earning £4 10/- a week, but there was no guarantee that his position would last. The meeting was adjourned sine die.