isticated computer packages, with as-
sociated hire purchase fmance at
prices not much higher than many
would have expected to be the price
for second-hand goods."
The finn acquired a lot of second- .
hand equipment with relatively little
value, he says.
It agreed to buy "a great deal" of
used computer equipment from a cor" ",
porate last year, committing it to "sig-
nificant expenditure".
This, and a downturn in retail
trade, led the fnm to axe its retail .
stores and transport all its stock to :
Wellington. But this was not enough
to save the business. .
Mr MCCullough says directors ,
didn't keep the fnm's accounting ,
records up to date, so it faces un.: .'
known debts to the taxman as well as
other creditor claims.
" At this stage there appears to be ,
four years' financial statements not
completed, as well as associated tax
returns and gst returns outstanding.",
Wellingtonian Richard Simpson "
was appointed liquidator late last
month. "
])OM 14/lOloz.