BUILDER'S FAILURE

Evening Post, Volume CXI, Issue 50, 28 February 1931, Page 7

BUILDER'S FAILURE

A meeting of'creditors in the bankrupt estate of Albert Barnett, builder, Wellington, was held yesterday at the office of the Official Assignee (Mr. S. Tansley). The statement of accounts. showed amounts owing to unsecured creditors £333 2s Id, and to secured creditors £1125 16s 7d; estimated securities, £1300; surplus to contra, £174 39 sd; total assets, £187 17s; deficiency, £185 5s Id. The principal unsecured creditors were E. W. Mills, and Co., £208 2s Id; E. C. Docking, timber merchant, £54 Is 4d;-E. Marriott, carrier, £36 0s Sd. In his sworn statement the bankrupt said he was a carpenter by trade, at present employed by the Wellington Harbour Board. About 1926 he purchased a section at JolmSohville for £145. He paid a deposit of £15, and was paying the balance with interest at the rate of £1 a month. At the beginning of 1930 he was granted a loan of £1090 by the State Advances Office. He gave up his job wiUi the Fletcher Construction Company, and started to build. He employed a carpenter to help him at 3s an hour. His assistant became ill, and was on and off the job for two months. Progress was slow. About- August, 1930, bankrupt had i breakdown in health, caused by too long hours of work and worry over his.wife's health and over the finance of the job. By this time he could see that the job would cost considerably more than he originally estimated. After the job was over he was out of work until Christmad. By this time the creditors wei-e pressing him, and he had to file. While the job was in progress he drew no wages. He was now earning £5 a week. He had a wife in delioate health and three children, and regretted that he could not make any offer to his creditors. The meeting-was adjourned sine cliel