BANKRUPT PLASTERER

Sun (Auckland), Volume I, Issue 150, 15 September 1927, Page 13

BANKRUPT PLASTERER

JOBS NOT SUPERVISED DEFICIT OF £lB4 Ernest Stratford Boyle, a bankrupt plasterer, of Ponsonby, and lately in partnership with George Heffron, faced jiis creditors this morning at a meeting presided over by the Official Assignee, Mr. G. N. Morris. Mr. Tongappeared for debtor. . ~ After Boyle’s examination by the assignee and creditors the meeting was adjourned pending the court’s decision whether Heffron will be adjudged a bankrupt. Boyle’s financial statement showed £194 owing to unsecured creditors. The only assets consisted of stock-in-trade valued at £lO. Bankrupt said he was a married man with four children. Up to April, 1925, lie worked for waeres and then entered into partnership with G. Heffron and J- Frost. The partnership lasted three months and was then dissolved by Frost’s withdrawing. Heffron and debtor agreed to carry on and they became involved in several large contracts. supplied all the capital. As work proceeded Heffron made further advances, it being understood that he was to withdraw these advances as funds permitted. He attributed the losses of the partnership to low tendering j*nd keen competition. Nearly all the loss was suffered on two contracts, the tramways offices and Wright's buildings. Questioned by Mr. Morris, bankrupt said that one reason for the firm’s failure was that some of the jobs were not properly supervised. Boyle considered that his partner had not taken mucti interest in the conduct of the business and was content to see the men “walking about doing nothing.” “You put no money into the business?” asked Heffron’s solicitor. “No; Heffron supplied all the capital.' “Then you think he displayed a lack of interest, eh?” The meeting then concluded.