A PUKEKOHE BANKRUPTCY

Pukekohe & Waiuku Times, Volume 3, Issue 199, 29 May 1914, Page 4

A PUKEKOHE BANKRUPTCY

Builder's Estate Examined.

A meeting ot thi creditors i:i the estate of H. 0. 'l'alfcot, builder, cf Fukekohe, a bankrupt, was held in Auckland on lucßday. The otlicial assignee (Mr W S. Fisher) presided. Mr J. G. Hsddtw appeared for bankrupt, and Mr A. ft. take]ton for a creditor.

Bankrupt's de'its ft'civ s.'t do.vn as £238 5s 4d, owing to unsecuied creditors. Assets amount dto £ll6, made up of furr.iture, £100; plant, £8; and debt owing, £3. Thus the deficiency was £122. In his statement, bankrupt said he first started in business in August, 1911, in partnership with Mr Frank Shaw. They tock a contract for £3OO, ard made £3O. iha partnership, which was a success, wai dissolved at Easier, IS 12. Koth Shaw and himself received i! 75 each on dissolution. Afte.ward', he was in partnership with Mr Prederick Good, ffom May, 1912, until July, 1913, Winn this partnership was dissolved they were in debt. Some of bankrupt's present liabilities were incurred during that partnership. When bankrupt and Gcod parted thtre were liabilities amounting to £BO or £9O. When Good went out, bankrupt took over a contract. He expected to do well out of it and pay cir i\ 11 debts, but he had trouble with the architect, whu delayed tha building a great deal, because he did rot know who was going to occupy the place, and he wanted to build to suit tenants. This delay and the strike completely disorganised bankrupt's calculations. He was satisfied that had Le been allowed to go straight ahead with the contract he could have paid his debts in full.

Examined by the assignee, bankrupt gave his age as 29, Previous to going into business cn his own account he had been in business with his father in L'hristchurch. He had obtained a fair insight into the business. He was quite familiar with the prices and values of timber, and had served his time as a carpenter with his father. When he came to Auckland and first started with Shaw he had ro capital. Shaw put nothing into tne business. When he went into partnership with Good, tha 1 attcr put £3O into the business, and soon afterwards drew out £2O. Good put nothing further into it. He (bankrupt) took up another contract when Good left, but did not inform his creditors of his position. He considered he had done a fair thing, because he had placed his furniture against the debt. He was qualified more as a joiner than a carpenter. To Mr A. E. Skelton: The first contract taken after the partnership with Good had been entered into was a jab at Epsom for £BB7. This contract paid. The second one was for £748, and it just about paid its way. He afterwards tock a contract in Parnell for £509, and out of this he made £2O. At Ellerslie he did some work for over £IOO, but he made nothing and lost on it. Then he went to Pukekohe and carried out a contract for £6OO, He lust badly on this work. At present ho wa3 working as a journeyman at a wage of £3 Gs a week. Constant work was not probable in the winter. If work were conticuous he could put money aside to pay his creditors. He was married, but had no children. His father was not prepared to assist him in the matter. As long as he was in constant employment he was prepared to oiler his creditors 10s a week. A creditor remarked that bankrupt had met with failure owing to the fact that he had cut prices. "That is the trouble,'' observed the assignee. "Some people start without capital and take risks which men with capital to lose would not look at. Their creditors suffer, and they generally end in the Bankruptcy Court. It is absolutely sapping legitimate business.'' The meeting was adjourned Bine die.