BANKRUPTCY

Hokitika Guardian, 22 October 1930, Page 5

BANKRUPTCY

(By Telegraph—Per Press Association.)

WANGANUI, Oct. 22

At a meeting of creditors of A. G. Bignell, one of the.leading contractors and public men of the city, although detailed statements show a considerable surplus of assets over liabilities on trading account the failure has been brought about principally 'by the oanks demand for payment of guarantees signed by Biignell, seine of them many years ago. These demands together with other possible contingent liabilities, decided Bignell to place Jus whole estate in the hands of his creditors (by lodging a petition in bankruptcy. Liabilities total £22,366 while the par value of assets amounts to £65,770. Contingent liabilities on guarantees (partial l , billy) and utioaLled capital on shares total £139,215. The assets- consist principally of shares in local and other industrial and building companies. At a meeting of creditors to-day tjie following resolutions were carried unanimously:—That three supervisors be appointed to act with the deputy official assignee; that the private furniture and effects be returned ; that A Bignell’be engaged to supervise and finish the '’contracts in hand; tlmt lie be recommended for immediate discharge, and that his workshops premises stock plant and machinery ho returned to him.