BRIDGE BUILDER FAILS.

Press, Volume LXVI, Issue 19918, 3 May 1930, Page 9

BRIDGE BUILDER FAILS.

CONTRACTOR'S CREDITORS.

ESTATE OF G. F. DRURY,

The adjourned meeting of the creditors of George Frederick Drury, contractor for tho Waimakariri bridge, was held yesterday. Mr J, H. Robertson, tho Official Assignee, presided, and Mr M. J. Burns appeared for bankrupt, ijnd Mr A. C. Brassington appeared on behalf of the creditors of G. F. Drury and Co., Ltd. (in liquidation). At tho first meeting, held on April 15th, bankrupt did not attend, and the Official Assignee said that unless a satisfactory explanation was forthcoming he would apply to the Supremo Court to hav3 bankrupt dealt with for contempt of Court.

At the opening of yesterday's meeting, the Official Assignee said that in regard to the last mooting,' bankrupt had explained that there had been a misunderstanding in regard to the time of tho meeting. The speaker thought that bankrupt had been quite honest about it, but that he had been careless. A statement of bankrupt's financial position gave his total debts at £5705 and assets as £4090, making a deficiency of £.1615. Bankrupt was sworn in, and, in reply to questions, said that the sworn statement was his, and covered all his transactions prior to his bankruptcy. Jle had set out all his assets and liabilities, lie was aware of the obligation imposed upon him by law to surrender to the Official Assignee all his assets. He had no other assets, cither in his own name or the name of anyone else. Ho had no expectations under any will. He had no other liabilities. He had never been bankrupt before, nor had he had an assignment for the benefit of his creditors. He had always been able to pay his debts. When he converted his business into a private company he got certain shares, and in exchange gave tho company book dobts and stock. 110 considered that there was £4OOO worth of assets handed over to. the company, if not more. The values of his properties, as shown in tho schedules, were forced salo values. He sold the Colombo street property for two houses on the main road, Redcliffs; he still had them. Tho Colombo street property was set down at £3251 18s 2d; tho two houses at Redcliffs were valued at £IOOO. If they could be sold without being forced they would be worth, approximately, £7OO and £BOO, Tho Colombo street property was subject to a mortgage of £3OOO. About three years ago he had a racehorse, called Rascal, a galloper, but he lost nothing over him. He had the horse only for about three months, because thero was nothiug in it, and he sold it. He came out even from the whole of his racing transactions; he kept \a separate account of them. He owned a car for the business; it was part of the company's assets. From tho salo ■of 'a week-end place at the mouth of the Rakaia, owned by Mrs Drury, a oar was bought by Mrs Drury and was registered in her name: he could show the receipts. There was a section in his wife's name; she bought it out of moneys saved from housekeeping from time to time, and part of her own money. It cost £175, and to-day it was worth from £3OO to £400; it was in Hagley street, Riccarton. The furniture, worth £3OO, belongod to his wife. He had made no cash payments to John Burns and Co., having no money wherewith to mp.ke such payments. His small private banking account, in which thoro was only about £25, was closed about six months ago. He received a remuneration of £SOO per annum from tho company. The Official Assignee said that if he decided to hold a private examination of bankrupt he, would invito the creditors.

The meeting was adjourned sine die,