BANKRUPTCY.

New Zealand Herald, Volume XLIII, Issue 13304, 10 October 1906, Page 4

BANKRUPTCY.

A BUILDER'S UNFORTUNATE CONTRACT. - A statement ill the affairs, of Robert . JTrater, of. Devonport, who was adjudged a bankrupt" last week;- was 'filed with the official assignee'(Mr. E. Gerard) yesterday. The statement shows that £769 .10s- 3d is '.' due to I unsecured creditors,'' and * that to meet this the bankrupt has assets amounting to £223 5s 6d (including £196 5s "6d paid into "Court), which leaves a total deficiency of £546 4s 9d.' The bankrupt attributes Ins bankruptcy, to ' taking a contract too cheaply, and to his youth and inexperience. He states that he obtained a contract in December last to .build, a nine-roomed /house at Epsom for Mr. Arch. Peak, solicitor, for £943. He sublet ■ the painting and papering for £101 10s to another man, who,,after doing part of the work, .informed him that he was in difficulties, and that his creditors forbade him to proceed with the work. It was on the sub-contractor's estimate" of £101 10s for painting and papering that he based r his tender, ; He (the bankrupt) then let the work to another man for £145, but the l architect failed to approve of him, and lie had to get another man, who undertook -the'.work for £160, which sum was to be deducted from the original contract price. The bother over tho paintling," ho explains, was really the cause of-his present trouble, as he was unable to push on the work as ho otherwise would have done, and. men were kept wailing about. .Apart* from the loss of time," he -lost £65 over the painting. He also lost •about £130 in wages as a result of the delay.j His estimate for the plumbing was £120, but when he called tenders for the work the lowest received was £159 15s, which lie had to accept. He also estimated that the timber for the job would cost 'about £475, but it actually ran him into £600. In-fact-he- made losses I all round on the contract, which was taken too cheaply. He was still entitled to £196 5s 6d under the contract,' but several of his creditors had liens on this amount, .which had been-paid into the S.M. Court. His only,other assets were furniture, estimated to be worth £25, and some tools valued at-£2. . 'The first meeting of creditors in ■the.>estate-; will held at the official assignee's office Friday next.