CREDITORS MEET

Press, Volume XCVI, Issue 28451, 4 December 1957, Page 8

CREDITORS MEET

Builder Adjudged Bankrupt

Debts amounting to £5360 Is 9d were admitted by Jack Edmond Peam Hollobon, aged 29, a builder, at a creditors’ meeting yesterday afternoon. Hollobon was adjudged bankrupt on November- 19. His assets were estimated at £5660 9s 9d.

The creditors authorised the Official Assignee (Mr G. W. Brown) to dispose of a house built by Hollobon in Coleman avenue, to complete and dispose of another house, partly finished by Hollobon in Riccarton road, and to authorise completion by Hollobon and disposal of a caravan. The creditors also authorised the private sale for £3OO of Hollobon's car. Sale of the plant and tools, including a cement mixer and trailer, was deferred. In his written statement, Hollobon said that the main reason for his bankruptcy was his inability to sell the house in Coleman avenue. He had put it up for sale and in three months had only one offer which fell through.

At the time it was offered for sale the house was not completed. Hollobon agreed that this would I be a drawback to its sale. The house in Riccarton road was mortgaged to the State Advances Corporation. The Official Assignee was authorised to obtain an independent valuation and dispose of this property. The proceeds of the sale will be paid to four creditors who have established liens on the job. Hollobon said that his main object was to pay his creditors as soon as possible. If necessary he would obtain work at night in addition to his day-time job and pay the moneys towards wiping off his debts.