CONTRACTOR BANKRUPT

Press, Volume XCVI, Issue 28414, 22 October 1957, Page 7

CONTRACTOR BANKRUPT

Creditors Meet At Rangiora A lack of capital, a truck being unsound when purchased, combined with a drop of business, were the reasons for his bankruptcy, said Charles Alfred Geddes, of Princess street. Waikari, at a meeting of creditors held before the Official Assignee •Mr G. W. Brown) at Rangiora yesterday. Unsecured debts amounted to £364 and secured debts to £895. The value of his secured assets was shown as £B5l. and unsecured | assets at £5 10s, leaving a defi-!’ ciency of £404. Geddes had started in business as a logging contractor with a capital of £5OO. which had been used as a deposit on the business on July 16, 1956. His 18-year-old son had been helping him for keep and pocket money. Although no detailed accounts had been kept, all receipts and payments had ‘ been made through his bank. 1 He was at present committed to payments of about £4 a week on time payments on furnishings and a refrigerator, said Geddes, and £9 12s a month on a car. He was at present employed for £l3 a week with the prospect of earning more during the summer months. The unsecured creditors agreed to accept payments of £6 monthly for a year, the position to be reviewed at the end of that period.