LOSSES ON CONTRACTS.

Auckland Star, Volume LIV, Issue 124, 26 May 1923, Page 7

LOSSES ON CONTRACTS.

I . I ! A BUILDER'S MISFORTUNES. Meeting with difficulties in the way lof incompleted contracts, Mr. Win. Reid. lof Auckland, builder, suffered losses during the past six months which compelled him to file a petition in bankruptcy. He met his creditors, some i fifteen in number, yesterday afternoon, j Mr. W. S. Fisher (Official Assignee) presiding. Bankrupt's total liabilities amounted to £1152 and his assets to £1076. including book debts, £390: furniture. £100. and property. £520. The nominal | deficiency was £70 .",/. ! In his statement of the causes leadi ing up to his present position, bankrupt ! said that in November. 1022. bo began |as a builder. He was a qualified cari penter. anil prior 'o November had | been acting as a journeyman and foreI man. except for two months. AugustOctober, during which he was in partnership with another builder. When ho dissolved partnership tho arrange- , ment was that bankrupt should com--1 plete the existing contract and pay i what, he owed to bis partner, namely i £83. Ho had paid tha?. After examination of the bankrupt ! the Official Assignee remarked that he had gone back to the extent ot £■"- simo last November and all the money was lost. There was nothing to go to question of prosecution. =.