CREDITORS’ MEETING

Press, Volume LXXXVI, Issue 26058, 10 March 1950, Page 5

CREDITORS’ MEETING

BANKRUPT BUILDER’S AFFAIRS At a meeting on Wednesday of creditors of Albert Helms, a builder, who was adjudged bankrupt on February 24, the Official Assignee (Mr G. W. Brown) reported that Helms’S total debts at the time he was adjudged bankrupt, were £2298 10s 6d, with total assets of £952 12s id. A statement by Helms said that when he went into business on his own account as a builder in November, 1947, he had about £lOO in cash and two sections at New Brighton. He realised about November, 1949, that his financial position was difficult. He could not ascribe his bankruptcy to any single factor. Through his inability to obtain materials, he put men on jobs which did not pay. Timber was the hardest commodity to get. He would like to have completed his present contracts and was still prepared to do so on wages. To Mr Brown, he said he thought the difficulties over materials were caused by his own financial difficulties. He had no complaints to make about suppliers in general. Asked if he had any offer to make to his creditors. Helms said that, if he was allowed to finish the present jobs, they should show a profit and so decrease the debit. The meeting decided that the matter of Helms’ threfe outstanding house tracts be left to Mr Brown.