IN BANKRUPTCY

Manawatu Standard, Volume LVII, Issue 158, 5 June 1937, Page 16

IN BANKRUPTCY

MEETING OF CREDITORS. A meeting of creditors in the bankrupt estate or Arthur Ronald Tliorburn, builder, of Palmerston hiorth, was held yesterday, afternoon, the D.0.A., Mr E. C. Litchfield, presiding. .bankrupt was represented by Mr J. M. Gordon. The bankrupt’s statement read as follows: —“I commenced building on my own account in May, 1930. i had no capital tor starting, but I was assisted by the lata Mr Andrew Guy, who lent me money from time to time. I always repaid such Joans. I was able to pay my way till early in 1934. when I commenced to get into difficulties owing to the shortage of work and the fact that the worn I did undetrtake proved unremunerative. I enedavoured to carry on, but my position gradually got worse. I had hoped that when business improved 1 would be able to liquidate my liabilities. Three out of the last four contracts I have undertaken have been failures, as 1 have been unable to obtain payment in full. Some of my creditors are forcing me by taking Court proceedings, so I have.no option but to file my petition. lam now in such a position that it is hopeless to endeavour to carry on. I regret that I can make no offer to my creditors. I. attribute my bankruptcy to: (1) The financial depression; (2) lack of capital; (3) unsuccessful contracts.”

The amount owing to unsecured creditors totalled £645 5s lid, there being no secured creditors. There were tools of trade valued at £lO, bookdebts of £2ll, estimated to produce £7O, and a car valued at £ls, making a total of £95 and leaving a deficiency of £550 5s lid. The creditors for the most part were merchants interested in the building trade, and sub-contractors.

In reply to questions, bankrupt said that he never served an apprenticeship but had worked for builders for three years and in that way gathered experience. He kept some books, but worked mostly oif his bank passbook.

Bankrupt said he was a married man with four children. He was now on casual work. Prior to working in the building trade he was a tramway motor-man. '■No resolution was carried.