CREDITORS’ MEETING

Hokitika Guardian, 1 October 1930, Page 2

CREDITORS’ MEETING

BANKRUPTCY oi r PUBLIC

AVORKS CONTRACTOR.

AUCKLAND, September 29. One of the largest gatherings of creditors ever known in Auckland assembled to-day at a, meeting helu in the office of the Official Assignee to inquire into the affairs of John Robert Simpson, a contractor of Auckland, who undertook the building of the Supreme Courthouse at Hamilton at a. price oi £25,000. The board room, of the Assignee (Air A. AV. AVa-tters) was packed to the doers. Bankrupt’s financial schedule showed liabilities to rank for dividend totalling £9500. Assets amounted to a grand total of £16,698, book debts being £6086, estimated to produce £6048. An estimated surplus on property was returned at £8779. Hie claims of unsecured creditors totalled £8621. Tlie estimated value of securities was £25,100. Liabilities other than those mentioned were £895, and total debts were £9517. Among the assets was an item of “live stock.”

Replying to the Assignee, bankrupt said tin's represented a mare arid two foals at a racing stable. A debt of £15(1 was owing by the owner of the stable for building work. A balance of £3BOO was due for the .completion of the courthouse contract and £IOOO for the.hospital contract. Deposits of £315 and £350 respectively; were paid by the Public AA 7 orks ,- Department, on the acceptance of the contracts. The Assignee suggested that g oomniittee of creditors should be appointed to confer with him in the realisation of the estate. An assignment had been made on the courthouse contract,

payment,to cover the- principal creditors, Messrs J. J. Craig, Ltd. The matter had been, carefully investigated bv tlie Crown Solicitor, who had ruled that it was valid. It was for the creditors to decide who should complete the contract.

At this stage in the meeting a telegram arrived for the . Assignee. Mr AA r atters said it was from the'Public IAVo-rks Department suggesting that it should complete the contract at an estimated price of £I2CO. This was agreed to, arid the Assignee’s suggest tion was adopted.