BANKRUPTCY OF BUILDER

Press, Volume CI, Issue 29776, 20 March 1962, Page 7

BANKRUPTCY OF BUILDER

Agreement To Be Investigated

A hire-purchase agreement between Canterbury Holdings. Ltd, a finance company, and David James Murphy, of Christchurch, a building contractor, would be investigated, said Mr D Malcolm, agent for the Official Assignee (Mr O. T. Grattan) at a meeting of Murphy’s creditors yesterday morning. Murphy was adjudged bankrupt on March 5. Ten persons attended yesterday’s meeting, which was adjourned sine die.

To Mr Malcolm, Murphy said that he had borrowed £2OO from Canterbury Holdings. Ltd. At the time of signing the agreement he owned a 1939 car for which he had paid £250 in cash

Mr Malcolm said that in the agreement Canterbury Holdings, Ltd, was named as owner of the car. Murphy said that this was not correct.

Murphy said that he owed unsecured creditors £ 1989 and had assets of £413, leaving a deficiency of £1578. Most of the money was owed to sub-contractor* or to builders’ suppliers. He was married with seven children.

He said that he started ■work in March, 1958. as a building contractor, and lost money on a car which was involved in an accident shortly after he bought it. After several contract jobs around Canterbury he went to the Chatham Islands. The ship on which the materials were to be sent caught fire He spent two days looking for storage before a substitute ship was sent His labour for this job was hired on the Chatham Islands, to cut down on cost. When he returned to New Zealand he started on a house at Diamond Harbour, and lost about £3BO on it. He bought a car before going to the Chatham Islands, which was given an overhaul costing £2ll. Murphy said that he later built a house in Croydon, but through accidents there had been a considerable reduction in the final settlement.