BANKRUPT BUILDER.

Taranaki Daily News, 19 December 1922, Page 5

BANKRUPT BUILDER.

AN INVOLVED POSITION. ESTATE OF J. M. THOMSON. An inviolved «tate of affairs was .presented .to creditors yesterday, when a meeting was held at New Plymouth in the bankrupt estate of John Muir Thomson, builder, now of New Plymouth, and formerly of Httwera. Answering a question in the course of the proceedings, bankrupt said he was unable to give accurate details of his position as he had been in hospital, and was consequently out of touch with hi* book-keeper. The books were not yet ready for presentation. The D.O.A. (Mr. J. S. S. Medley) Others present were: Messrs. Jellyman. Houghey, Little, Kerswell, Oaeey, Hannan, McCormick (for Messrs. Haughey, Casey, Matheson and Clow), Matheson, Martin, Roberts, Fake, Moss (for Messrs. Kerswell and F. Bellringer), V. Griffiths. Mr. L. Taylor (Hawera) represented the bankrupt who was also present. Bankrupt’s statement of assets and liabilities showed debts owing to unsecured creditors £lB4O ss; to secured creditors £715, less estimated value of securities £BOO. Assets were shown as stock in trade £25, book debts ( £723) estimated to produce £5OO, property £450, surplus from securities £B5, a total of £lO6O, leading a deficiency of £7BO 5

The list of unsecured creditors were: New .Plymouth:—Bellringer Bros. Ltd. £6, Darby and Hanson £55, R. Evans £55, Butcher £3, Lobb and Co. £2,

3 United Insurance Co. £6, Boon Bros. £37, Arthur Haughey £42. HaweraBlair and Sellar £l2O, Dillon and Mas- ' lin £35, E. Reynolds £l6, H. C. Fake J £350, Bennett and Sutton £3O, F. C. Booth £75, F. D. Mclntyre £7, New ' Zealand Loan and Mercantile £1 ss, ‘ Egmont Box. Go., Ejtham, £150; Syme 3 and Co., Hawera, £150; Wanganui Sash \ and Door Co. £800; total £lB4O ss. S Secured creditors were: Wm. Russell, f New Plymouth, £3B 4s; Martin Bros., \ New Plymouth, £67 Is; J. P. Casey. New Plymouth, £124 4s lOd; Mathe--3’ son and Clow, New Plymouth, £113; j J. A. Redpath, Wellington. £125; B. J. • Kerswell, Stratford, £149; Jellyman and Forbes, New Plymouth, £49; wage* due to workmen £6O, a total of I £715 9s lOd. “These sums are charged against a balance of about £BOO due to 13 me on Bellringer’s job,” wrote banke rupt, “Starr Bowkett Society, Hawera, ? £526; G. E. Forrest £475. ’Both of j these mortgages are charged on a property in Hawera valued at £l4OO, leaving a balance of about £450.’ 1 BUSINESS IN HAWERA. 8 g “I commenced business in Hawera in y 1915 as a builder,” read bankrupt’s i written statement. “I joined Mr. R. r Glass in partnership in 1918, but the '* partnership lasted only for one year. 0 I then went out on my own account, e and did a very fair amount of work, f In 1915 I purchased from the Laboi 8 Department, under its time-payment system, a home property in Argyle 1 Street, Hawera, under the Workers’ . Dwelling Act. In 1920 the property had become too small, and, in order to - facilitate dealing with it, I raised two 3 mortgages, one for £6OO and the other . for £5OO, and paid the department the » balance owing to it. On these mort- . gages I owe £526 and £475 respectively. Immediately after paying the de3 partment I contracted to sell the prot perty for £lBOO, but I then found that . the department took as much objection to a purchaser after it had received its purchase money as it did before. I had, too, agreed to buy a larger property in High Street and 1 put £BOO . into’ this one. The refusal of the det partment to allow a sale meant that I J was saddled with two properties. The , Argyle Street property is let at 35s per } week. I could have sold it time and again were it not for the restrictions s imposed on it. My solicitor has tried : repeatedly to get them removed, but ; without avail. The High Street property was mortgaged to the Farmers’ . Co-op. about 18 months ago to secure i a current account, and the company , took a collateral charge over a Hupmobile car which I had bought from it. The company had realised on both car and property, and I now owe it £53 according to its statement.

ILL-HEALTH BLAMED. “About -18 months ago work began to blacken off at Hawera and I gradually drifted into work at New Plymouth. Before getting suited here I called my Hawera "creditors together, and, after a conference, I was permitted to carry on. my solicitor to get in my accounts there. About five months ago, I became unwell as a result of a sickness four years ago. t entered the public hospital here on October 2. Mr. Bellringer’s job was started in May, and hung till July. Then, as I was sick, 1 could not give it my personal "attention, and it was not until I was ready to come out that I was told it was going to ruin me. I blame no one, but I feel sure that had I had my health the job would have netted me a fair and decent profit. “I attribute my position, as far as Hawera is concerned, to having built a house for a farmer at Manaia, who later was unable to pay me. I had to take security, but I am doubtful if it will be worth much. Then, too, the restrictions on my Argyle Street property have reduced its value to an unknown degree. As far as New Plymouth is concerned, I can only say that had I had my health I would not be in the position in which I am.” DETAILS OF POSITION WANTED. The D.O.A. said there was nothing before the meeting to show bankrupt’s position on coming to 'New Plymouth. Bankrupt said an examination of his affairs at a meeting of his creditors at Hawera last May showed an apparent, surplus of £725. Continuing, bankrupt said he had three contracts since coming to New Plymouth. On one contract he came out with a profit of £75; on another he did not know what his position was; whilst on a third contract for £2495 he had received £1832 2s 9d, leaving a balance as yet unpaid of £6Bl 17s 3d. Mr. Moss suggested that a complete statement of each job should be presented. Mr. Moss said the impression the sub-contractors had gathered was that of the £lBOO paid by Mr. Bellringer £BOO had gone to sub-contractors and in wages, whilst it was not known where the £lOOO had gone. Bankrupt said that wages to Novem- ; her amounted to £605. £3OO haxl . gone to Bellringer Bros., and £3OO to the Wanganui Sash and Door To. I “I don’t think we are going to get 'yory far ahead this way,” said a credi-

lor. who thought the affairs in connection with all the contracts Should foe dealt with, and not only the last contract. , e

It was stated that a notice had been served on bankrupt by Mr. Bellringer, stating that unless work was resumed within three days, the writer would complete the work. The D.O.A. said he would also want a list of the book-debts owing to bankrupt. This Mr. Taylor undertook to procure. It was moved that the workmen be paid the wages due to them ( £59), but lien-holders thought no authority waj necessary as the money could be paid through'the Labor Department. Following an informal discussion, the meeting was adjourned to a date to be fixed by the D.O.A.