BANKRUPTCY.

New Zealand Herald, Volume XLIV, Issue 13489, 16 May 1907, Page 6

BANKRUPTCY.

' A CONTRACTOR'S ESTATE. ■ *A meeting of creditors in the estate of ' Robert Alexander Andrews was hold at tho official assignee's office yesterday : afternoon. The bankrupt's- statemont as published in Tuesday's Herald was-read. The liabilities were stated at £*78 10s Bd, and the asseta at £430, which included an estimated net profit on contracts in ■ progress .of £360, At the opening the official assignee remarked that ho was,afraid that.the facts they would hear that afternoon would bo differ- • ent to the written statement of the bankrupt. Mr. Tunks then made a: statement on behalf of Mr. John Gall, with whoi* tie ! bankrupt was in partnership. Mr, Tunis i «aid that the position, was such that it was r doubtful whether any profits .would be realised by the contracts. Gall had been bearing all the" financial responsibility.. „ . The Official Assignee: It.is for Mr. Gall to consider whether he will take over the joint liabilities. " .'•'-' Mr. T. Cotter: Until the contracts are finished it seems almost useless to discus? Mr. Tunks said that Mr. ■ Gall would -b» willing to finish the-contracts,- but ho old not think it would ; pay. :, The ' contractwould :be carried out ■:.;-■ and the necessary books kept. -f; If at tho end of ■ the contract . .• there was anything Justly due to, tho estate of Andrews it 'would J,ave to bo paid 0ver....,In answer to the official .': assignee the creditors said that : with but two or three exceptions then claims were against Andrews only. ' Tho oihcial assignee pointed out that Andrews when he started contracting had n* money. -HeJinedo £100 on a contract, but later about £700 on another. With something like a shortage of £600 ho undercook a; £4000 contract. , ' ■ To the official assignee Andrews said that he" was-'owing something like £500 before getting the £4000 contract. . , ~.Tho official assignee said an alteration was. ■ 'wanted in the law. One could not sneak too strongly on this kind of con tract business.' A man went in for contracts and lost, ' and then went in for a bigger on*. It was just a matter with them of " Heads I win, tails you lose." . !' Andrews said that when he went into * partnership with .Mr. Gall he had no money '_]■ but a few book debts that 'might amount to £100. His liabilities wore then about £500. Mr. Gall nut about £330 into the business. :. There was no deed of partnership. He (Andrews) was. to 'receive one-half of the not profits, and there was no understanding between them that Gall 'should get interest-, upon the money he put into the business. Since the partnership had existed he had drawn £100, while Mr. Gall had not drawn anything.- He- did not obtain permission from his partner to draw the £100. When ho informed Mr. Gall that ho had drawn it , ho (Mr. Gall) was nut pleased to hear it- ■: Yet he expected that he" would get half of . i tho profits out of the present contracts (which he- had estimated on tho whole '-a* £720. but which Mr. Gall now though* would. Iw. little). ..'.•■ "The meeting was adjourned sine die, »> tho meantime the contraot at Hamilton *° be -continued be Mr. Gall. ''.-■■ •