THOUSANDS INVOLVED

Sun (Auckland), Volume II, Issue 585, 11 February 1929, Page 13

THOUSANDS INVOLVED

late city

BUILDER’S TROUBLES assignee not satisfied

The connection of George Robert Homing. a builder, ot riemucra, with a private company, cJid not receive any pra.se trom Hooking s creditors wnen they met tms morning.

Husking s complicated affairs were —viewed ior over an hour and the olh- • i a.siii»nc-o, Mr. (_». X. Morris, act up L commutce ot the three largest credif w lo investigate Hosking a eunuec- ' n *iUi the private company ana ilia ondnot. "if anything results from the 1 vestightion,” the assignee said, when cfe<tiwrs dia not puss a resolution, ‘ s huli proDabiy call another meeting.’' bankrupt produced a financial state•nent giving a; » »*» expected surplus 'BO 1 t»s> 3d. but Mr. Morris stated •Lit he aid not expect the surplus to reach. the figure. 1 leaking had valued L properties on figures at the time ot •aiding and they were not expected • a compare with the current market itt . Husking owed A 613 os to unsecured creditors, and £14,877 3s 9d to tecured creditors. The last figure was Luntered by securities estimated to £2'->.M>o. and a suiplus of \ 0 rZ2 16s 3d was named in the assets, fo ’tbtewas added £1 5s in cash MISLEADING VALUATIONS

Not in any instance will liosking's \aiuation ol nis liouses be justified or sustained," a creditor remarked at tho oufi>€t* Mr. Morris was of the opinion ihut the valuations w ere misleading everybody. Uankmpt said that the furniture was owned by his wife, who had also advanced him several hundred pounds on rent money she received from a house ot her own. 111-health had troubled him greatly. Mr. Morris: Did not you and your wit® flout a private company? Bankrupt: 1 did not have any fully paid*U'i shares. Mr. Morris quoted a notice in the •Mercantile Gazette” announcing the orniation of Enterprise Builders, Ltd., the contribution from Hosking being aiated to be X IOO. Hosking mainlined that he had not put any money into the company which had been .Jrmetl to “give the boys a start in life.”" “I’ve taken every penny from them.” bankrupt said. . “HELPING THE BOYS” Mr. Terry, representing two creditors: Tho company was formed about May. 1928. j ist when you faded out of business. Weren’t you carrying on the same line under another name? Bankrupt: I was just helping the boy.*. When a creditor raised the question of Hoskins's investment in some colliery shares, bankrupt said he had been urged to believe that he would clear £I.OOO. A creditor’s representative criticised bankrupt for the way five houses had been built on Parkdale Estate. “When the first fire was lit in one house,” he *aid, “everything went up in smoke. In another, a man woke up one morning and found that the ceiling had lifted off.” Bankrupt said that the foreclosing of the second mortgagee on the Parkdale properties had cost him over £1,200 and ho had been affected by a irade slump and transport difficulties "I say straight out that I am not satisfied with the private company,” Mr. Morris said. ‘‘Hosking has simply been deceiving himself over the values of the properties.”