BANKRUPT PAINTER

Waikato Times, Volume 124, Issue 20727, 10 February 1939, Page 7

BANKRUPT PAINTER

BUSINESS AT TE AROHA VARIETY OF HANDICAPS Attributing his failure to lack of capital, labour troubles, losses on large contrac-ts through faulty workmanship, losses suffered through not being paid for work, and losses on a shop, Harold Peter Brasting, painter, of Te Aroha. was called before his creditors in Hamilton yesterday. His total debts were , £l9oß* 9s 4d and assets amounted to £1426 17s 9d, leaving a deficiency of £4Bl 11s 7d. In his statement, bankrupt said he began business as a painter in Te Aroha in 1931 and carried on in a small way, gradually improving his business and employing not more than three or four men at a time until 1936, when he owed £lB7 although definitely solvent. Bigger Contracts Secured In March, 1937, Brasting was owing the bank £237 on overdraft, sundry creditors £520, and a loan creditor £66. In this period he obtained bigger contracts and with these had to employ a larger staff. At one stage he had 18 men in his employ and that necessitated the finding of large sums each week to pay wages. In April, 1937, the bankrupt opened a shop in Te Aroha with the object of increasing business. Several big contracts were completed but he experienced considerable difficulty in finding efficient tradesmen for the work, and he also found it difficult to keep proper supervision over the workmen. Bankrupt losL money in the purchase and trading-in of motor vehicles for use in the business. In June, 1938, he saw his major creditors and they decided to allow bankrupt to carry on under supervision. During that period bankrupt was ill and some work had to be redone. The meeting was adjourned sine die to enable the Official Assignee. Mr V. R. Crowhurst, who presided, to prepare a full statement of the bankrupt's position for the creditors.