BUILDER'S FAILURE

Evening Post, Volume CXV, Issue 38, 15 February 1933, Page 3

BUILDER'S FAILURE

LACK OF WORK

A meeting of creditors in the bankrupt estate of Percival Martin, builder, of Island Bay, was held today at the office of the Official Assignee (Mr. S. Tansley). Mr; Morgan appeared for the bankrupt. The statement of accounts showed that the amount owing to unsecured creditors was £1052 5s 7d; secured creditors, £242 3s; less estimated value of securities, £375; surplus to contra, £132 17s; other liabilities, £1150; total debts, £2202 5s 7d. The book debts were set down at £479 3s lid; property, £1585; surplus from securities in hands of creditors, £132 17s; total assets, £1717 17s; deficiency, £484 8s 7d. The principal unsecured creditors were Stacey and Co., Ltd., £672 9s; Briscoe and Co., Ltd., £242 3s. ' In his sworn statement bankrupt said that for some years past he had been engaged in Wellington as a master builder.' and did quite well until the slump came, with the result that work fell' off, and persons owing money to him had been unable to pay him through being out of work themselves. Since November, 1931, he had been unable to secure any contracts, and he attributed his position solely to the lack of work occasioned by tho present economic conditions. He said he had no immediate prospects of obtaining work, and could make no offer to his creditors at the present time. In reply to questions asked by the Official Assignee and also by Mr. R. L. Macalister, who appeared for Messrs. Stacey and Co., Ltd., timber merchants, bankrupt gave particulars of his land purchase and building transactions. He stated that in 1925 he purchased a large section of land at Island Bay, with a house on it. He subsequently divided the land into smaller sections, one of which he sold for £200. At the end of 1931 he transferred one section to his wife, who had money in her own name. His wages book and bank books showed the amount of money he owed his wife, who advanced money to pay wages. His books showed the cost of building a house. After some discussion a motion was moved and carried adjourning the meeting to a date to be fixed by the Official Assignee in order that inquiries might be made into the transactions between Mr. and Mr.. Martin. The meeting authorised the Official Assignee to take such steps as he might deem advisable as the result of tbe investigation.