BANKRUPT BUILDER

Evening Star, Issue 20055, 21 December 1928, Page 4

BANKRUPT BUILDER

DEFICIENCY OVER £2,000 A deficiency of .22,267 15 Sd was shown in the estate of Daniel Patrick Murphy, a builder, at a. meeting of bis creditors this morning. The debts owing to secured creditors were 21,800, tho estimated value of tho security being 21,500. The creditors wore :—George Hall Gilmore, 21,000; ■ A.M.D.G. Corporation, Ltd., 2600; Rosanna Murphy, 2200. Tho unsecured debts amounted to 21,967 15s Bd, the principal creditors being:—Smith and Smith, 221 10s tid; Turnbull and Jones, 227 14s 6d; B. G. Aburn, Ltd., 2210 7s; Ohas. Bills, Ltd., £lB 15s; Briscoe and Co., 212 Is lid; A. and T. Burt, Ltd., 2142 Or, 6cl; Dnnford Bros., 291 0s 6d; Forman and Nichol, 245 Its; R. James and Co., 212 11s Gd; M. and J. Leckio, 2284; James J. Marlow, 210 Its; Metbvcns, Ltd., 255 10s 3d; Charles P. Nappcr, 242; Southland Saw-milling Co.. £.552 ]2s; Donald Stuart, Ltd. 2162 16s 3d; Woolnough Window Co., 2225. Prior to October. 1925, said bankrupt, be was working for an employer. As ho considered he knew ins trade thoroughly, he commenced business on his own account with £2OO by taking a contract at £BSO to build a house at Stirling. On that bo made £165 profit after taking £6 a week as wages. Ho detailed later contracts, having as many as seven jobs on hand at one time. He was sure he was well ahead of things, but ho was sometimes short of ready cash. In June, 1927, ho decided to form his business into a company of 1,250 shares, so as to be able to raise cash when necessary. Tho estimated value of the assets was £1,250. At that time he had a contract to build a hospital at Karitanc, the price being over £4,000. He should have made at least £9OO out of that job. A lot of time was lost by wet weather, and extra worn was entailed on account of the excavation for a 6,000-gallon concrete tank falling in several times. He had a number of jobs going at that time, with many more offering. He realised that ho could not' make 2900,. but he thought he would make a fair profit. However, he lost about 2900 on the job. 11©considered lie would makeup this loss on the other work on h-md It was only recently that ho realised he was in his present position, wliich was attributable to lack of capital. “ When cash is not available you cannot get the best service or buy economically,” concluded bankrupt. Mr C. J. Payne, representing William Watson, Ltd., held that tho statement of debts was not a true one. Creditors who should have claimed against Munphv had claimed against Murphy, Ltd. 'Murphy had first stated his expectations of paying 7s in the £, but the offer had since been reduced to 2s, which was not acceptable. If a supervisor to work with the Official Assignee were appointed, further assets might be disclosed, and the difficulties between the accounts to Murphy and the company straightened out. Mr A. J. Allen was appointed supervisor to work in conjunction with the Official Assignee. The meeting adjourned to January 25.