BANKRUPTCY.

New Zealand Herald, Volume XLIV, Issue 13487, 14 May 1907, Page 7

BANKRUPTCY.

A meeting of i creditors in ; the estate of Robert ■ Alexander Andrews -will .be .■ held ■ at the official assignee's office to-morrow afternoon. :L The bankrupt, who is a contractor, residing at Hamilton, says in his statement to the assignee that in .1905 he commenced business on his own account as a contractor with £100. He took a contract at Newmarket for £799, and in February. 1906, it was completed, w.ith a loss of £730. This loss was due to an unexpected difficulty, blue rock instead of: clay having to be pierced, entailing extra expense. Later he •took over several small contracts, which paid. Then, in September, 1906, he: went into partnership with Mr. John Gall, and contracts were undertaken at Hamilton and Cambridge. The Cambridge contract is nearly finished, whilst the one at Hamilton is in progress. The firm is thoroughly solvent, and the .bankrupt thinks that thero will be a profit ■of £720 on the two contracts. He attributes his v present ; position to the loss on the Newmarket contract, and to his failure to obtaiir*an extension of time from ; the petitioning creditor for the liquidation of, his outstanding debts. The principal creditors; are: B. 0. Clark (pipemanufacturer), of Auckland, £235 6s; and P. Bryant, merchant, of Auckland, £82. The liabilities amount to £478 10s Bd, and the assets to £4-30, made up as follows: — Furniture, £30; goods at Hamilton and Cambridge (half, share), £40; estimated net profit on contracts (half share), £360.