BUILDER’S FAILURE

Sun (Auckland), Volume IV, Issue 1059, 25 August 1930, Page 11

BUILDER’S FAILURE

COMMITTEE TO INVESTIGATE “Bankrupt’s affairs are very involved and I would suggest that a committee be set up to investigate them,” said the official assignee, Mr. A. TV. Watters, at an adjourned meeting of the creditors of Henry John Lyons, builder, of Point Chevalier, this morning. No statement or schedule were produced at the previous meeting which was adjourned until the bankrupt produced them. The schedule produced this morning showed £2,072 owing to unsecured creditors, £10,116 owing to secured creditors on the estimated value of securities of £11,505, leaving an estimated surplus of £1,388, leaving deficiency of £684. In his statement bankrupt stated that he started business in 1922 with capital of £6OO and until 1927 carried on business satisfactorily, when a certified balance-sheet showed that he was £4,000 to the good. Business fell off toward the end of 192 S and lie was put 4o considerable expense to cover his losses. He attributed his failure solely to the slump in the value of properties since 1928. The meeting decided to set up a committee to investigate bankrupt’s statements and adjourned.