PARTNER LEFT HIM.

Auckland Star, Volume LX, Issue 243, 14 October 1929, Page 9

PARTNER LEFT HIM.

CONTRACTOR BANKRUPT. EXPLANATION TO CREDITORS. (By Telegraph.—Own Correspondent.) HAMILTON, this day. That liis partner disappeared at a critical time was the reason given for his bankruptcy by Frederick de Mulford Hyde, contractor, of Rotorua, to a meeting of his creditors. His schedule showed unsecured debts amounting to £514, and assets, all book debts, estimated to produce £290. Bankrupt said he joined the Flying Corps at the age of 17, and after the war he farmed for five years with his father. In 1925 he started contracting for local bodies, and in January, 1928, he took contracts for public works in Hamilton and Rotorua, in partnership with Ma the w Henderson. The latter left him after a month. Bankrupt said he had unsuccessfully tried to carry on. During the period he had paid £800 and received £000 from the Department. Owing to a default in the contract the Department seized his plant and refused to pay further moneys. He then worked for the Department for £5 a week, in different places. He had no expectation under a will, but his wife was a beneficiary in an estate to the extent of £2000 or £3000. He started with a capital of £100, with little experience. He did work worth £15,000. His partner, became bankrupt in September, 1927. The Assignee said Henderson had paid 7id in the £. Bankrupt said his wife consented to settle all his debts, outside the contract plant, retained by the Department. That was more than sufficient to satisfy the creditors. Asked if he could make any ofl'er, bankrupt said he thought the onus was on Henderson, to whom he attributes his position, largely through being left in the lurch. The meeting decided to investigate Henderson's liability and to facilitate Hyde's discharge.