OPTIMISTIC BUILDER

Sun (Auckland), Volume I, Issue 181, 21 October 1927, Page 9

OPTIMISTIC BUILDER

FINANCING CONTRACTS FACED WITH BANKRUPTCY “I do not think there is much against this man except that he is incurably optimistic,” remarked the Official Assignee, Mr. G. N. Morris, at a meeting held this morning of creditors of Frank William Laurie, a bankrupt builder, of Auckland. Bankrupt’s schedule showed £652 owing to unsecured creditors, and £985 to secured creditors; other liabilities, £352. The value of securities was given as £3,710. Assets were set down as £1,044, including book debts £250 and surplus of securities £724. A nominal surplus of £3B was revealed. Examined, bankrupt said that in 1926 before he took up the building business he was a salesman in the hardware and fancy goods line. He had been engaged in that work all his life, and neither he nor his partner had any experience of building. They employed a foreman and relied on his judgment. After some considerable time, -working as clerk to the firm, the partner, disagreeing with Laurie’s method of financing, left the concern. Summing up the position, Mr. Morris said it was obvious that neither Laurie nor his partner knew much about building. The partner got out on the best terms he could. Bankrupt was advised to do something to pay a portion of his debts before he applied for his discharge.

A committee was set up to assist the assignee in the disposal of the assets.