Bankrupt Builder Unable To Show Any Assets

Manawatu Times, Volume 61, Issue 46, 25 February 1936, Page 4

Bankrupt Builder Unable To Show Any Assets

DEBTS OUTSTANDING FOR SEVEN YEARS Attributing Kis bankruptcy to unsuccessful contracts, and to the fact that he was unable during the slump to get work to pay off Ms debts, Donald Stuart McLean, a builder, formerly of Rongotea but now of Palmerston North, yesterday met his creditors in bankruptcy. Bankrupt, who commenced building operations in Rongotea nine years ago w.ith £l5O in his account, showed a deficiency of £474 4s lOd. According to bis. statement, he had very unsuccessful contracts and-was out of work for sorno time, and eventually could not pay his creditors, whom he Had always kept informed of the position. Ho had been on relief, for several years, During the last seven years his earnings had not exceeded £2 10s a week, but iu that period ho had incurred no new debts; those shown were all outstanding. He was married with seven children, three of whom' were partially dependent.

Unsecured debts amounted to £l9l 19s 4d, and secured debts to £282 5s Gd. There wero no assets. The unsecured creditors were: Palmerston North Hospital Board, £4 8s; J. Hancox (Bongotea), £2 14s lid; Dr. Ivan Wilson, 10s Gd; W. Amey (Rongotea), £l4 16s lid; McLeod and Svenson (Feilding), 6s 9d; W. G. Bayliss. (Rongotea),. £6 2s Gd;

Buglass and Brewer (Palmerston iNorth), £3 6s 9d; Turner’s Glass and Paint Go. (Palmerston North), £7 8s lOd; Hopwood Hardware Co. (Palmerston North), £lO 10s 7d; J. R. McColl (Rongotea), £67 Is; Ciochotto and' Co. (Rongotea), £52 15s 6d; Tunnicliffe and Blake (Rongotea), £2 11s; Highways Transport Co. (Palmerston North), £3 Cs 6d; Thos. Fraser (Rongotea), £ls 19s 7d. / ■ There was one secured creditor, the Feilding Sash and Door Co., £292 5s Gd (estimate of security, £10). Those present at tho meeting wero: Mr. J. M. Gordon (representing McLean), Mr. C. Ciochotto, Mr. T. Fraser, Mr. W. Amey, Mr. W. G. Bayliss. Mr. Ciochetto inquired-as to the date of the last security given to any secured creditor. The' answer was in 1928.

To another question, McLean denied losing money on horse racing during his last two years in Rongotea. He denied leaving'his work to attend race meetings. At present he was earning 2s Id an hour, but the work was of uncertain duration. To Mr. Ciochetto: He could not undertalco to' pay money over to the assignee if work was provided for him when he would otherwise be unemployed.

To the D.O.A. McLean said that when he was on relief his earnings averaged 29s a week. Ho had no assets in his own right and no anticipation of any windfalls. Furniture was owned by his wife. Ho was , "repared to meet his creditors this far: That if while he- was on relief they found him work in his

trade that he would not otherwise have enjoyed, the additional wages should be paid to the D.O.A. But he was not prepared to make an offer out of the earnings he secured for himself. No resolution was proposed, and the meeting was adjourned.