CONTRACTOR'S BANKRUPTCY

Evening Post, Volume CX, Issue 11, 12 July 1930, Page 15

CONTRACTOR'S BANKRUPTCY

The Deputy Official Assignee (Mr. S. J. Dudson) presided over a meeting of creditors in the bankrupt estate of Alexander Mofflt, builder, Petono, yesterday afternoon. Mr. W. Heine represented tho bankrupt. The statement of accounts showed: Amount owing to unsecured creditors, £2130 18s 7d; assets, estimated at £540 17s Id; deficiency, £1590 4s 6d. The principal unsecured creditors were: C. and A. Odlin Timber and Hardware Co., Ltd., £1279 10s 2d; Wainui-o-mata Development, Ltd. .(balance on two bonds), £170; Beadle and Barrow, Wanganui, timber merchants, £130; P. Holmes, Ltd., cement merchants, £90 Us lid. I

In his sworn statement the baukrupt said he had been in the building trade lor 27 years, and was formerly in business at Wanganui. His partnership there was. not successful. Tenders were called at Wanganui for the erection of cottges at Lower Hutt. He tendered for the cottages, basing his tender on Wanganui prices. He signed contracts for nine houses, and went to Lower Hutt. After starting work, timber prices rose, and he also suffered .from thefts of timber and tools. There was delay in the making of progress payments. After completing the nine houses he built four others. He was hampered by delay in payments, and by troubles with aiiothei- contractor. The cost of erection of nouses in the Hutt Valley, was, he asserted, higher than the cost in Wanganui, and it was on the latter cost that he tendered for tho building of the nine houses.

After a short discussion, the creditors appointed Mr. Heine and Mr. Virtue to investigate and report on the orders and liens against bankrupt; and tlie meeting' adjourned sine die.