WIFE OFFERS TO PAY.

Press, Volume LXIII, Issue 19142, 27 October 1927, Page 7

WIFE OFFERS TO PAY.

SURPRISE FOR CREDITORS. A'BUILDER'S BANKRUPTCY. A meeting of the * creditors of Francis 1 Thomas Anderson, builder, Mu Waltliara road, Christclmrch, was held .yesterday, ! Mr A. W. Walters, Official Assignee, presiding. Mr W. J. btaccy appeared for a creditor. The'bankrupt, in liii sworn statement, set out that he started '.business a little over 13 -mouths ago, taking "mail "contracts until ho obtained a •joiner's machine, which, proved iiioie costly to get working than he anticipated. Ho also had two accidents, onof which held back the completion ut the house on which ho was engaged the time, thus involving loss, lie also lost another job, ai'ter which work «carce, prices became too high, and lie had not the ready cash to carry on. Creditors pressed him for the. paymeiu. of their debts and he was iorccd to The statement ot assets aud liabilities, showed':—Due to unsecured creditors, £625- lOs sd; to secured creditors, £170; estimated value of security; £.200", surplus to control. £3O. Assets: Stock in trade, £SO; book debts, "£2B ss; furmture, £3O; property (equity), Jllo, surplus in hands of creditors. ■ .-30.; total assets, £2-53 ss; deficiency, £Zi6 ; sd. . Unsecured creditors over —lO weie. Briscoe and Co.. £47; U. D. Benjamin and To., £ll7 10s Id; Dominion Home Builders, £52 10s; O. E. Otley. £35 PJs ,]od; Macdonald's Lumber Co.. £2o 7s; Mason, Struthers and Co.. £33 lis 3d ; 11. W. England and Sons. £65; Wuliams. Stephens and Co., £ll os lOd; O. Rowe. £39 12s 9d; A. J. Skinner, £33 9s 3d: A. Wisker, £l9 6s; H. C. Ulwin, £49: P. Kirby and Co.. £34; Dominion Hardware and Machinery Co.. £l4 6s.

The only secured creditor was Mrs Berthp. A. Were, £l7O.

Position as to Assets. The Official Assignee said that at his request Mr R. Nightingale had made a valuation of the bankrupt's stock in trade. He valued the woodworking machine at £2OO and stock and plant at £3l Ss od; the last-mentioned item included a shed valued at £lO, and it was doubtful whether that amount would be realised. Regarding certain redwood timber removed by P. Kirby and-Co. on the day of the bankruptcy, he (the Official Assignee) had -vritten to the firm requesting them to return the timber, but they declined, saying that the timber had been supplied on consignment. He (the Official Assignee) had satisfied himself that the timber was not on consignment, and tlie^ company's ' ledger showed that bankrupt had been debited in the same manner as other timber supplied to bankrupt had been debited. .. > 'Replying to Mr Waiters. t'ie bankrupt said that the timber was got f-n the understanding that it was to be paid foj. any time on demand. Mr Waiters said that the wood-work-ing machine cost £345 and, including interest, there was due on it £95 0s 7d. Regarding bankrupt s equity in a property, £l5O, the position was that the property Belonged to his wife, who was prepared' to let the creditors h&ve it. The property was sold .recently for £B3O, on a £ls deposit, and weekly payments of 235. The other item in bankrupt's assets , (surplus m hands ct creditors, £3O) was in connexion with, the bankrupt's workshop section. Durii:g' the past two years bankrupt had

effected repairs to his fife's property amounting to £55 6s. A Missing Note-Book. Replying to Mr Watters, bankrupt said that before starting-on his own he was doing day work at 19s to JJGs per day; he had no capital when lie start-: cd. . ' " Did you keep.any books? —That was my biggest trouble. 1 kept only a rougli pocket-book. W here is it?—d could not discover it —that's the troubie. There was a sale at my house and certain papers went astray". The book contained estimates of the jobs in hand. How did you know whether you made a profit,or a loss?—As the bills came in I compared them with my quotations. How about wages?—As far as I wasconcerned J. never bothered. You really' could not tell whether you made a loss or a profit?-- -I could to satisfy myself. YW didn't put it down in black and white, but you could sort of sense whether or not you made a profit?— According to the note-book; 1 did not leave it all t-o just knowing. Replying to further questions, bankrupt said that daring ten months (the period covered by his bank pass book)' the drawings totalled £215, which included £GO for wages. He employed a carpenter, a labourer, and «tn apprentice. .Replying-to a. creditor, be laid thai it'was August, two years ago, that-he got his discharge from his previous bankruptcy. The reason why the • creditor was not invited to bankrupt's private meeting of creditors -was that, bankrupt did not recognise that the account ,in Air.? Anderson's name was his account. The creditor asset ted that .bankrupt had opened his account with his firm while he was still an undischarged bankrupt. " At this stage' Mrs AivJors-on, wife of bankrupt, offered to assign lier interest in a property in Vernon terrace; this is- valued at £I4OO. and there is a. mortgage of £950 on it. It was decided lo accept tin; offer. Mr Watters iaid tbnt instead c.F creditors receiving about Is in the £ they would receive 10s or niore. He expressed the opinion . that bankiupt was not a fit person to'be in business on his own account. The estate was left in the hands of the Official Assignee, the impression being that the dividend would be about 13s ,4d in the £.