A BANKRUPT BUILDER.

Dominion, Volume 4, Issue 972, 12 November 1910, Page 10

A BANKRUPT BUILDER.

- ; . ILLNESS AND MISFORTUNE. ' A meeting of'creditors-in ; the-'bankrupt estate" of Edmund George Pointon, build? er, of Petone, was held before the Offi? ' ..cial' A-isigne'e (Sir.. A! Simpson) ■" day. \ Tftei-o' was a'-', fair attendance of. creditors. Mr. Ayson 'appeared for the bankrupt; and Mr. ' Wylie represented " Izard. andWeston. , (secured creditors; in. '; thfl .estate). '■ ' ■ jjj'.'-ope'nipg proceedings, •-. the Asv . sigiiee explained that there was owing .to ' the, unsecured. .• creditors - £1713 Os. Sd.,' aid' to the secured'creditors .63351'1d5.' 7d: The. estimated' value r of* the securi- : • tie§ .yog. get. dmvn pt • £4772, .which set. ;, a surplus, to contra of .'JBM2) ss. ' sd. :■ for'.'tfie assets' sido.of the statement. Add-; : ed to the estimated surplus 'froni' 'the 'se- ■ ourities were' amounts' of ',£2o' (stock-iri- ' trade at the Petone factory); bpok debts estimated to produce '£20,' the total assets being '.filloi ss. 7d. The estimated ■ deficiency in'the estate ; was put down at. - JG2SI; 15s. 3d. -

The principal unsecured creditors were as' followA. Huggins,' Petone, i! 453 165.; J. Neno, Petone, 1 ,£363 I7S; fid.; Knight's Syndicate,, Hutt', . i24t ;.12s;: Id.; D. H. Kirk, Keiburne; fe.'ljd.; H. R. Harding, 'JPetprie.t j857 .ils.i 7d.;' Danneviike Sawihilling-Co., .£26; Raetilii Timber Co., Rae'tihi,''iE7l',l3s'. 7(1.; Stewart Timber. and Glass Co., Ltd., 12s. 7d.; P; 0! Pieed;' Petone, i-23" lis.' Bd.; Griffiths and Johe^,"Petone, d£2o lis. Id.; W-'Burford, Wanganni, ,£6B ISs.; Bunny' apd'Ayson, Wellington, ,£SO (about)., •Tho secured creditors were Mrs. Fitzgerald,'.' Wellington,. 10s. Gd.; H. Brown, Pay's ' Bay, JESB7 4s. Id.; Equitable Building Co., Wellington, £450; L. ■Daroux, WeHingtpn, ;,,£2SO; Izard, and Weston, Wellington, ,£225; Mrs. WjPere,. Petone, ;£lll); A. Hall,.Wellington, £100. ' 'Briefly, the bankrupt's insolvency, ac-' cording tp his sworn statement, was due to'jllpess,'loss oii contracts, high rates of interest on mortgages,. and general depression an()'loss of 'trade. Ho had been h'aniporejl by three years, qf 'illness.- .& list .of prppjrties, constituting the Tep estato held ; in security, was also, put in! The properties, with their estir jnsted .yalu.es, aj-Q jts followHhH Road, Petpn'e, iODft.; frontage, .with . residence and factory, Que.en's Road, Lower Hutt, /with 7-ropmed house, . Maori leasehold," Waiwetu, nil; Perth property, Western" Australia,:, 6 vacant sections, «£l{)2; De Sinia's properly, Lower Hutt, J22o()j, l-20th' share in tho Knight's Byn? .d.icate,. Lower. Ilutt, ,-£625; secpiid mqrtVgage, AV.' A..'Salmons,.' .over section, Chouse and stablps, Knight's ltoad, Lower "Hiitt,' i! 120; niaohinei-y and plant,, Hutt Road', Petone,. ,£825. , , The. Assignee .stated that, the bankrupt ha 4 beei} endeavouring to,realise 011 his ''sepjjrifies, and: ljad npt' succeeded.' If he', oh the spot,.,could-not get a buyer, it: diil not auger iiiuch, for nis (the As---signee's) chances, qf doing, so. From ,what lie knew of the state Qf the market ho . questioned ...whether the mortgagees •would . succeed, ill. getting their money back.- There, appeared to -be no details as. to the bankrupt's losses on contracts, nor any : details of the interest payments, which were in arrear. : . It. was agreed that-Hie-Assignee should make further investigation concerning the affairs of the estate, with special reference to the .ppsition of the sureties in a certain, contract. It was also resolved that the bankrupt should be given an opportunity of finding a buyer for the . -machinery, with the concurrence' of the hpldprs.o'E the bill of sale. The bankrupt was instructed to preparo a statement of his alfairs covering tho past thrGo'years. .Tho proceedings were then adjourned sine die.