A BANKRUPT BUILDER.

Dominion, Volume 4, Issue 978, 19 November 1910, Page 12

A BANKRUPT BUILDER.

"THE BURSTING OF THE BOOM.H ■ i A meeting ofcreditors in-the bankrupf estate of Henry Arthur Hurrell, builder, was held before tho . Official Assignee (Mr.'A. Simpson) yesterday morning. Fif« teen creditors, attended the meeting.- Sir. M. F. E.-Petherick appeared for tha bankrupt, and -Mr. Levvey for bne of tha principal creditors.. The statement of finances submitted bj the bankrupt showed. that there was ow«, ing to the unsecured creditors in the'est.ate a sum of £ 1210-'lßs.' 5d.; to the sei .cured"creditors, -.£7742'ios. 6d., 'and"th'«' estimated value of their securities wa«f set down at <£10,710, leaving a surplus to contra of '.£2967 9s. 6d. The stock-in-trade at. the Hutt was valued.,at ,£3O, which,added to the surplus to contra, .£2967 9s. 6d., showed assets of .£2997 9s. 6d., aa against unsecured liabilities of .£1219 18s. sd. The surplus on paper, commented the Assignee, was i.'1777 lis. Id. • The principal. unsecured creditors were i —W. fi. Lambert 1 and Co., Wellington, ,£136 17s. 6d.; the Stewart Tiihber Co., Ltd., Wellington, .£173 16s. Id.; estate of Win. Booth, Carterton, ,£135; Prydo and Son, Hutt,. ,£76; P. Gardiner and ■ London, .£69 Is. 9d.; Gammon and Co., Ohakune, '<£73 '3s. 5d.; Jackson and CoWellington, .£57 12s.' 3d.;: Tiratu Saw. milling Co., Dannevirke, .£49; Silver* stream Brick and: Tile Co., .£36; Shand Bros., Hutt, i£3s; Leonard Hill, New' Plymouth, ,£4O; Fleming Ross, Wellington, .£33; F; E. Petherick, Wellington, .£3O; H. J. Baker, Wellington,' JE3O; Perham and Larson, Eangfttaua, >625; Northern Insurance Co., AYellingtori, ,£24 lis. 4d. The secured creditors were (value of eecurities, in parentheses)Lamey Bros, and mortgagees (.£9(100), ; 'Wellington Ferry Co. (£100), >£256 10s. 6d.; Pearson and Norwood (.£400), ,£275; Belmont' Park. Co. (,£750), .£150; Ward's Brewery Co., Christchurch' (*CI2O), ,£80;. R. Keena (.£4O), ,£29. • The real estate included Sections 3, 5, and 7, Block IX, Rongotea (401 acres 'of grazing and cropping land); 7 lots, Day's Bay, and one lot at the Lower Hutt. t In his statement explaining his position, the bankrupt set forth that in 1903 he converted, in conjunction with his partners, the coach r building business for. merly carried on under the style'of Rousa and Hurrell into a compafiy,; ea6h' ro. ceiving 2800 fully-paid-up shares of £1 each. Bankrupt also took up .£350. contri. butinj* shares, for which he afterwards paid in cash. He retired from the company about the end of 1904 and commence ed as a builder at Petone and the Hutt,' For a time he did, very well, and purchased a considerable amount of land. The bursting of the building boom two years ago threw him into difficulties, and after a' period of ■ financial , embafrassi inents the Public Trustee issued .a warrant for his arrest under a judgment sum. mons order, and he was compelled to file. In 1907 his wifo advanced him ,£900; for which he held no security: 1 It was pointed out that the bankrupt had failed to furnish adequate particulars concerning his accounts and book 9, and the meeting was adjourned for a fortnight in order to enable Mr. Fleming Ross, whb was appointed to sUporviso tht estate, to go into its affairs with the As. signee.