CONTRACTOR'S FAILURE.

New Zealand Herald, Volume LII, Issue 16024, 16 September 1915, Page 5

CONTRACTOR'S FAILURE.

NO ORIGINAL CAPITAL.

The sworn statement of William Edward Corlett, of Tauranga, contractor, who recently filed a petition in bankruptcy, has been lodged with the official assignee, Mr. W. S. Fisher.

Bankrupt sets forth that he commenced business in 1906, at Masterton, without capital. The horses and plant with which he started were purchased on a bill of sale. He carried on business for six years with varying success. When he left Masterton in 1912 he had a house valued at £900, but subject to a mortgage of £500. He also had a team of six horses and a waggon, valued at £200, subject to a small balance owing on the bill of sale. His liabilities to unsecured creditors at that time totalled about £500, of which £330 was owed to Mr. G. H. Perry He took his team and waggon to T-u----ranga about May, 1912, and commenced contracting there. He lost four of his best horses and bought another for £45 on a bill of sale. The New Zealand Loan and Mercantile Company paid off the balance on the first and took a new security for their own account, receiving all money earned by the bankrupt from May. 1913, to October, 1914. There was nothing to his credit when the account closed about a year ago. In the meantime he had contracted debts with Tauranga tradesmen, and was obliged to sell his remaining horses and plant in order to meet his obligations. During the past nine or ten months he had supported himself by labouring worK, and was forced to file owing to pressure from a creditor. He had no assets whatever and all his liabilities were accounts owing when he left Masterton. He had paid off some £80 of his indebtedness to unsecured creditors and £40 to a secured creditor. Bankrupt declared his liabilities at £266 19s.

The first meeting of creditors has been fixed for Monday next at Tauranga.