BANKRUPT CHINESE

[nzbc]

BANKRUPT CHINESE.

NOTHING FOR CREDITORS.

FAILURE OF CAFE BUSINESS

Armed with « large black trunk, containing records of his business dealings written in Chinese, Willie Shacktie, until recently a restaurant proprietor, met his creditors in bankruptcy at the office of the official assignee, Sir. G. N. Morris, yesterday. "It would cost a bit of money to do anything with these books," said Mr. Morris.

"But you cannot complain that he has not kept books," commented a creditor. "Oh, no," replied Mr. Morris. "He seems to have Oeqp honest enough."

Debts to unsecured creditors were shown as £431. There was one secured creditor to whom £240, covered by a bill of sale for that amount, was owing. No assets were shown. A cafe business in Hobson Street was purchased by the bankrupt and a partner, Charley Wong Sun, in June, 1922, lor £525, according to Shacktai's statement. They carried on for two years at a loss, and then sold out for £l4O. The partners later opened dining rooms in Wyndham Street, removing subsequently to Albert Street. Everything went well until 1925,. but the two following years were bad. They got into debt and had to vacate the premises in 1927. All the furniture was sold and the proceeds went in expenses, some being attached by the Court. Bankrupt said he was now working in a market garden at Pukekohe. He and other Chinese had given a bill-of-sale for £240 over farm implements, horses, cart and vegetables' to Wong Doo, a Chinese mercnant, of Auckland. "I wish to pay my creditors, but I cannot do so at present," said the bankrupt. "1 account for my bankruptcy solely through the hard times of the last two years."

After taking the oath on the Bible, the bankrupt amplified his statement. He said he had sent what money he could spare to support his wife and two children in China. *

"I think Wong Sun ought, to pay some of the debts," said the assignee. "He has been in all these businesses except Pukekohe. X do not know whether creditors think it worth while to make him file."

The opinion was expressed, that Shack - tai had been straightforward in his dealings, and the meeting adjourned without the passing of a resolution.




paperspast.natlib.govt.nz/newspapers/NZH19280310.2.118?items_per_page=10&page=6&query=chinese+cafe&snippet=true
BANKRUPT CHINESE

[nzbc]

CHINESE HIGH FINANCE

CHINESE HIGH FINANCE

RESTAURANTEUR FAILS “TIMES VELLY VELLY BAD” “I get some money from my friends,” seemed to be the basis of the business ventures of Willie Shacktai, a bankrupt Chinese restauranteur, who was examined this morning by the Official Shacktai submitted with characteristic Oriental calm to a patient questioning by Mr. Morris. “This fellow seems honest enough,” was liis summing up. Creditors quite agreed. It appeared Shacktai has had much tribulation. “Ah, very, very bad times, poor business,” he assured his hearers in accounting for his failure. He owed £ 431 to unsecured creditors and had no assets.

In a statement Shacktai said that in June, 1922, he and one Charlie Wong Sun bought a cafe business in Hobson Street for £525. They carried on for two years at a loss, then in 1924 sold out for £l4O. They next opened the Star Dining Rooms in Wyndham Street and business was all right for a time. Later on they moved to Albert Street, taking the name of the business with them.

Shacktai was not working in the cafe all the time, but came down for weekends from a potato farm at Pukekohe, in which lie was a partner. Everything was satisfactory until the end of 1925. The year 1926 was a poor one and 1927 was very bad. They got steadily into debt and could not meet their liabilities. They ultimately sold out. Shacktai lost all he ever had. He expressed a wish to pay his creditors if he ever had the money. Interesting sidelights on how the Chinese help each other came out in the course of Shacktai’s examination. Asked how he got the money to start again after his first venture proved unprofitable, the debtor said that his friends advanced the money, which, after hard work, was duly paid back. Now that the partnership had finally ended in bankruptcy his partner, Charlie Wong Sun, was being looked after by a Chinese club. Shacktai has a wife and two children living in China, and to his family he used frequently to send fair sums of money.

Creditors were satisfied that the bankruptcy was one of misfortune and were content to leave things as they stand.



paperspast.natlib.govt.nz/newspapers/SUNAK19280309.2.136?items_per_page=10&page=6&query=chinese+cafe&snippet=true