IN BANKRUPTCY

Manawatu Standard, Volume L, Issue 194, 15 July 1930, Page 5

IN BANKRUPTCY

ASHHURST BUILDER’S FAILURE. MEETING OF CREDITORS. A meeting of creditors in the bankrupt estate of Ernest Henry King, bunder and timber merchant, of Ashhurst, was held yesterday afternoon before the acting D.0.A., Mr F. C. Litchfield. Those present were bankrupt and his solicitor (Mr G. C. Petersen), and Messrs P. H. Latham, C. V. Ciochetto (representing Parkes and Co.), W. G. Toms, Evans, K. M. Ga-rner (representing Garner and Co.), G. »• Maunder, H. Baucke, A. Hodgtns and C. O. Gibbs. The official statements of bankrupt s affairs disclosed that his total liabilities owing to unsecured creditors, amounted to £460 11s 7d, and his assets to £630 9s lid, comprising stock-in-trade, £BB 12s 9d; hook debts, estimated to produce £190; cash at bank, £5 9s; furniture and plant, £99 17s 6d; surplus from securities in the hands of secured creditors, £247 0s Bd. There thus was a stated surplus of £169 18s 4d. The principal unsecured creditors were as follow; —Parkes and Co. (Ashhurst), £23 9s; P. Latham and Co. (Ashhurst), £23 7s; A. E. Martin (Palmerston North), £lB 18s sd; Hopwood Hardware, Ltd. (Palmerston North), £62 19s 3d; E. C. Turner, £lB 4s 7d; W. Toms, £l6 10s 3d; Baucke and Hodgins, contractors, £34: J. Riddell (Foxton), £35; C. O. Gffihs (Taihape), £49 10s 3d; Wanganui Sash and Door Co., Ltd., £l3 9s; Sawmilling Trading Company (Hamilton), £32; G. S. Maunder (Ashhurst), £ls 15s lid. Bankrupt said that he commenced business in 1921 at Ashhurst as a wood and coal -merchant and builder. He then had £325 cash and a freehold section on which he built a house, raising a mortgage of £4OO to do so. Most or the cash was used in stocking up the yard and in installing the plant, shortly after stocking the yard, there was a drop in timber prices and he lost in the vicinity of £SO from that alone. From that time up to the present he had been engaged mainly in general building work and in well sinkingAlthough in some cases he had lost money on contracts, he could have successfully carried on and paid his way had he been able to collect the moneys owing to him. Ever since he commenced business he had been handicapped through the accumulation of book debts. The position became acute this winter and tnrough his inability to get his money in, he was unabie to meet his liabilities. Several of his creditors took proceedings against him. A distress warrant was issued in pursuance of one judgment, and as he was unable to satisfy it, he felt it was his duty to file in order to protect the rest ot his creditors. He regretted the position and hoped that tne realisation of his assets would provide sufficient to pay ail his creditors in full. ■ To Mr Latham, bankrupt stated that there had not been any ■ assignments during the last two months. In answer to a question by the acting D.0.A., bankrupt said tfiat all his assets were shown m his statements. Mr Gibbs: Why did you file? Bankrupt: I was pushed by some ol my creditors. In answer to a further question by Mr Gibbs bankrupt said fie thought there would be a prospect of selling the stock and plant. On the motion of Messrs Ciochetto and Garner it was decided that the furniture be left with Mrs King. The meeting was then adjourned sine die.