WILL PAY CREDITORS

Dominion, Volume 24, Issue 147, 18 March 1931, Page 6

WILL PAY CREDITORS

Bankrupt Plasterer How the establishment of a fibrous plaster factory proyed a heavy loss was related by Edmund James Haughey, plasterer, at the first meeting of his creditors, yesterday. The Official Assignee, Mr. S. Tansley, presided, and the creditors present were Messrs. A. Gapes, O. Terreni, and G. Seaton. The amount owing to unsecured creditors was shown as £335/12/4; there was £5/14/7 cash in hand; £lO5/8/6 was owing to secured creditors, the estimated value of securities being £2OO. This left the total debts at £335/12/4, and the deficiency £235/6/3. The principal unsecured creditors were: W. A. Ohote, £BO/5/8; N. Clout, £56/10/-; Gapes and Brooks, £32/14/- ; Drs. Hogg and Tennant, £2O/15/-; Wellington Hospital Board, £B/15/6. The secured creditors were: boutn Pacific Mortgage and Deposit Co., £B7 8/6; O. Terreni, £lB. Bankrupt, in his sworn statement, said that he started business eight years ago with a small capital, and after a few years took into partnership Mr. G. Seaton, who had been in his employ for some years. They decided to start a fibrous plaster factory, to run in conjunction with their business as contracting plasterers. The fibre business was. a heavy loss, and they had to call a meeting of their creditors, who accepted a composition of 8/- in the £. The serious illness of bankrupt’s wife also threw him back financially. . ~ “The bankrupt has done his best, said Mr. Seaton; “he is honest, and will pay something to his creditors as soon as he is inS position to do so.” Bankrupt said he would not apply tor his discharge until he had paid something off his debts. . . ~ The meeting was adjourned sine die.