A DUNEDIN CONTRACTOR'S BANKRUPTCY.

Evening Star, Issue 12870, 20 July 1906, Page 5

A DUNEDIN CONTRACTOR'S BANKRUPTCY.

A meeting of creditors in the estate of Richard C. Torrance, of Waimate, contraeior, was held at tho office oi the Deputy Official Assignee, Timaru, oa Tuesday. Bankrupt w his statement said that he started business twenty years ago in Dunedin as a contractor, and had always done well until a year ago, when he went to Wairnato to undertake a lar 6 e contract The cause of his failure was, to a large extent, a contract which.he had taken tor the erection of ah arcade in Waimate. He had also been laid up with rheumatism for a considerable time. In May last he had consulted his solicitors, who saw tho archihaving ascertained that a profit of £SOO could be made out of the contract, they endeavored to have it taken over bv another contractor, but the negotiations fell through. He had endeavored to carry on the work himself, but had lost his memorv and all heart in the work, and as a bailiff had been in the bouse for debt, and another for rent, ho had been forced to seek the protection of the Court. Had he been paid the retention money on the Waimate contract (£540 5a Id) hia estate would pav £1 10s in the £. i '

Bankrupt's filed statement showed: Unsecured creditors, £662 15s lOd; assets, £527 10s; deficiency, £535 5s lOd. Most »Hho creditors are Dunedin hardware firms. The following resolutions were passed: " That in view of the position of matters md the complications in regard to the Wainiafce contract, which shows a snm in hand »f £SOO, Messrs Smithson and Raymond he appointed solicitors for the creditors in advising the Asignee as to the best course to adopt in regard to this, and differentiating claims in regard to liens, etc." "That the bankrupt be allowed his furniture and tools of trade to the extent of £SO, and that the Assignee, if any question as to value arises, ask the assistance of a representative of Briscoe and Co. A list of tools claimed by the bankrupt to be supplied to the Assignee." "That the stock and plant of the bankrupt in Dunedin be submitted for sale by public tender, and that the Assignee may employ, if necessary, assistance for listing and valuing." "That the creditors regret the misfortune that has overtaken the bankrupt, and recommend him for his immediate discharge. *