NOT PAID IN FULL

Sun (Auckland), Volume III, Issue 920, 13 March 1930, Page 8

NOT PAID IN FULL

BUILDING CONTRACTOR BANKRUPT LOST ON GUARANTEE The folly of giving a guarantee without money was indicated bv the official assignee, Mr. A. W. Watters, after he had examined a bankrupt builder of One Tree Hill,. H. Taylor, at a meeting yesterday. The bankkrupt’s profits, said the assignee, had been consumed by bad debts. To unsecured creditors. Taylor owed £6Bl, and to secured, £1.652. His securities were £1,615 and his assets were £405. Of these, book debts to the sum of £1,196 were estimated to produce £ 300. With a capital of £4O to £3O. bankrupt began building in 1926. The next year he took up a contract to build four houses, but the firm engaging him went into liquidation before he completed the work and he was owed £IDO. He later guaranteed a man in fruit-growing and was compelled to pay the sum of the guarantee. There were other contracts for which he had not received full payment. The assignee said there appeared to be no dishonesty on Taylor’s part. No motion was passed and the meeting was adjourned.