BANKRUPT BUILDER

Dominion, Volume 21, Issue 119, 17 February 1928, Page 6

BANKRUPT BUILDER

CREDITORS DISSATISFIED EXTRAVAGANCE ALLEGED Dominion Special Service. Christchurch, February 16. Just over twelve months ago Archibald Denyers Clark, a carpenter, then only 21 years of age, started out as a speculative builder w'itli a capital of £25. To-day he faced his creditors with a deficiency of £570 13s. 9d. Dissatisfaction with Clark’s conduct of his affairs was expressed, and a motion that the position be placed in the hands of the Crown Prosecutor for investigation was carried. Bankrupt’s failure was attributed to lack of experience and personal extravagance. In reply to the Official Assignee (Mr. A W. Watters) Clark stated that he was 22 years of age and had been a carpenter for six years, including three years as an apprentice. The only experience he had had in building was what he had learned at the Technical School, which he attended for two years. His capital at the start was £25. • , The Official Assignee said that bankrupt kept his books trom the start, but apparently did not know how to do it properly. There was no cash book, and neither was there any costs book.

“I don’t think bankrupt was justified in starting out on the first house,” said Mr. Watters, “though he did make a profit, he migut easily have made a loss.” In reply to Mr. A. D. Bell, bankrupt said he drew about £3 10s. or £4 10s. a week on the average for personal expenses between November, 1926, and December, 1927. “I think this bankruptcy is due entirely to the extravagance of the bankrupt', who started as a youth with little capital and no experience,” said Mr. Bell. ‘‘He has not kept correct books. It is unfair to the creditors and his conduct should be dealt wtli under the Bankruptcy Act. I would like to move a motion that the whole matter be placed in the hands of the Crown Prosecutor for investigation into bankrupt’s conduct.” The Official Assignee: T very much doubt if it is a case for prosecution, but he should certainly be prevented from starting business again for a very long time. The motion was carried.