A BANKRUPT BUILDER.

Auckland Star, Volume XLIII, Issue 166, 12 July 1912, Page 2

A BANKRUPT BUILDER.

A. F. RIGGS MEETS HIS CREDITORS.

A meeting of creditors in the estate of Albert Frederick Riggs, builder, was held this morning, the Official Assignee (Mr. IV. S. Fisher) presiding. Mr. W. D- M. Glaister appeared for the bankrupt, and there were nine creditors present. Bankrupt's total debts amounted to £700 12/3. and his assets to £353 19/. leaving a deficiency of £440 13/3. His assets comprised stock-in-trade valued at £31 fi/, and book debts estimated to produce £324 13/. The principal unsecured creditors were: Kauri Timber Co.. £180: John Herbert (Morningside). £l»(i 17/; T. and S. Monin, £88; Porter and Co., £87; A. McColl (Onehunga), £81; Win. Hicks (Newmarket). £73; V. Perkins (Pukekohc), £54; John Thornley, £51: and lnipey, Ltd., £,13. Jn his sworn statement, bankrupt deposed that he had commenced building on contract with £C 0 capital in 1010. He had lost on the first four contracts, and was about £290 in debt at the end of the first year. His creditors had agreed to give him a chance to make up. but he had become further involved to the extent of £400. Ho attributed his failure to bad landslips on one contract and advantage having been taken of a weakness in the specification in another instance. On another contract be had been compelled to get the joinery by day labour, which had added greatly to the cost. He had expected -to be able easily to pay for all materials in connection with his last contract, and to have a surplus for his other creditors, but had found that there was not sufficient to pay all the debts incurred in this job. He had ten children, of whom five were dependent upon him for support. After an exhaustive inquiry, it was resolved that consideration of the bankrupt's conduct be left over until the position with regaTd to certain lien holders had been ascertained.