BAKER BANKRUPT

Sun (Auckland), Volume III, Issue 686, 11 June 1929, Page 1

BAKER BANKRUPT

“NO RACING LOSSES” ASSETS TO BE REALISED Outstanding accounts were considered by C. Swanberg, a baker, of Whangarei, to be the cause of his bankruptcy, when he met his creditors this morning. Mr. A. L. Tresidder, official assignee in the Whangarei district, presided at. the meeting, and set up a committee of the three largest creditors to discuss the realisation of assets. Swanberg said he had been in the baking business for 14 years, but had no money when he started. About three years ago he first experienced difficulty. “Under proper supervision a succes? could have been made of my business.’ 1 Swanberg said. “I did not employ a bookkeeper, but accounts were kept of my dealings.” Swanberg said he first took an interest in racing in 1922, but he lost nothing on his horses. Amounts owing to unsecured creditors totalled £1,634 7s lOd. and £2,600 was owing to secured creditors. The securities were valued at £ 3,005, the i assets being given as £1,325, and the [ deficiency £309 7s lOd. “Nocture ran eight seconds in 14 i months,” bankrupt said to the asignee. “I did not have to pay training fees and the horse cost me practically nothing, although I have not kept accounts. Kildeer has certainly paid for itself.” Replying to questions by the assignee, bankrupt said that he had made bets occasionally. His failure had been due to money outstanding, but he had not been doing as well in his business as he had expected. “There is a pretty keen war going on in Whangarei in my line,” he said. No resolution was passed by the creditors.