ROAD CONTRACTORS FAIL

Sun (Auckland), Volume 1, Issue 45, 16 May 1927, Page 12

ROAD CONTRACTORS FAIL

SHORT-LIVED PARTNERSHIP “TOO MANY JOBS ON HAND” A meeting of creditors in the bankrupt estate of Inglis and Ma,rsh, roading contractors of Milford, was held this morning before the official assignee, Mr. G. N. Morris. The partnership schedule showed total liabilities amounting to £2,592, and assets worth £769, the deficiency being £1,823. In his personal statement W. T. Inglis said he owed £1,070, while he estimated his assets at £1,200, showing a surplus of £l3O. H. E. Marsh’s total personal debts were £3,630, and his assets, consisting of land, a motor-car, and “sundry” items, were said to be worth £ 5,080, leaving a surplus of £1,450. At the commencement of the meeting Mr. Morris stated that he had had no opportunity to examine bankrupt’s books, as he had only received them this morning, although the partners had filed a fortnight ago. As manager of the firm Marsh made a statement in which he detailed their dealings since they began in partnerships in October of 1925. They had been labouring for the Waitemata County Council and decided to work together. Acquiring some horse teams and carts they made rapid progress as a firm, and as things were looking bright they bought a motor truck on the hire • purchase system soon after commencing in business. Contracts were plentiful and good progress was made during the summer. They obtained a contract on the Birkenhead Road and things went well until the weather broke. A great deal of time was lost owing to bad weather and to the fact that trouble was being experienced with the truck. A sub-con-tract was obtained at Papalcura, and later a job at Wellsford. At this time they were losing money “wholesale” on the Birkenhead work. Several other contracts were put in hand -and the partners hoped to “pick up” on these, but bad weather, the slump in land values, and the fact that they had too many contracts in hand, had all contributed to their failure. Examined by the assignee, Inglis said he put no cash into the concern and was free of debt when he joined Marsh. Marsh was questioned at length by Mr. Morris on his transaction's in respect to various contracts. The examination revealed unsatisfactory information and it was found inadvisable to proceed with the meeting until a thorough investigation had been prosecuted by the assignee. Accordingly it was decided as the result of a motion that the meeting be adjourned to a date to be fixed in order that the assignee should have the opportunity to go into the bankrupts’ books and statements..