YOUNG BANKRUPT

Auckland Star, Volume LX, Issue 227, 25 September 1929, Page 8

YOUNG BANKRUPT

BUILDER FAILS AT 22

ACCOUNTS NOT KEPT.

DISSATISFIED CREDITORS

"ALL VERY UNSATISFACTORY."

"A man who trades like thie ought not to bo free to trade again until he has done something to meet his obligations," said the Deputy-Official Assignee (Mr. V. R. Crowlraret) to-day at a meeting of the creditors of Bruce Athol Knight, builder, of Opaheke Road, Papakura, ■whose statement of affairs showed debts amounting to £459 19/1. Bankrupt was a single man, 22 years of age. Debtor's conduct in continuing to O trade after making a loss on his first contract came in for severe criticism by several creditors, one of whom eaid he would strongly oppose any application for discharge. Bankrupt admitted that he had kept no booke, and the Assignee pointed out that this alone was sufficient to justify the creditors in opposing discharge. The case was adjourned, the Assignee being empowered to call another meeting after tho books had been fully investigated. The schedule showed claims of unsecured creditors amounting to £45G 14/1, those of secured creditors being- £1574, the estimated value of securities being £2800. Book debts were expected to pro° duce £139 17/1, and surplus from securities was scheduled at £132G, total assets being given as £1404 17/. In a written statement bankrupt (•who , was represented by Mr. Schramm) said that on December 25, 192G, he left New Zealand for Australia, where he worke<l for wages until July, 1928. He then returned to New Zealand and worked for wages as a carpenter until December of that year, when he started ae a builder, with a capital of £110. He subdivided a section at Penrose and 'built a five-roomed he-use on the first eection, raising a first and second mortgage of £750 total value. He was unable to sell the property. In May this year he purchased another property in Haverstock Road, Edendale, and on one section lie erected a five-roomed house, on which he raised a first mortgage. When he had finished building he was unable to draw the final instalment of the mortgage moneys. He attributed his failure to the fact that he was unable •to raise a second mortgage on the Edendale property and to the action of one creditor, who had made a lien on the property. Asked by the Assignee to explain why he had not k&pt adequate accounts, debtor said it wae due to lack of experience. A creditor remarked that Knight toolc on a certain contract, and be-fore it ■was completed he entered on another. "It is all very unsatisfactory," added the speaker. ' The Assignee said debtor had not kept anything -like an adequate record of his transactions. The meeting wa& adjourned, as stated.