BANKRUPTCY

Grey River Argus, 23 October 1930, Page 7

BANKRUPTCY

Leading Wanganui Man HIT BY BANKS. (Per Press Association.) WANGANUI, Oct. 22. A meeting was held of creditors of A. G. Bignell. one of the leading eontractors and public men of this city. Although the detailed statements show considerable surplus of assets over liabilities On the trading account, the failure has been brought about principally by the bank’s demand for payment of guarantees signed by Bignell. some of them many years ago. These demands, together with other possible contingent liabilities decided Bignell to place his whole estate in Ihe hands of his creditors by lodging a petition in bankruptcy. The liabilities total £22,366, while the par value of Ihe assets amounts to £65,770, contingent liabilities on guarantees (partial only) and uncalled capita] on shares total £139,215. The assets consist principally of shares in local and otheii industrial and building companies. At the meeting of creditors, to-day (he following resolutions were carried I unanimously: — That three supervisors be appointed to act with the Deputy Official Assignee; that the private furniture and effects be returned, that A. Bignell be engaged to supervise- and finish the contracts in hand; that he bo recom- | mended for immediate discharge, and I. that his workshops, premises, stock, plant and machinery lie '-etuvned (to him.