MEETING OF CREDITORS.

New Zealand Herald, Volume LIII, Issue 16202, 12 April 1916, Page 5

MEETING OF CREDITORS.

BUILDER'S SECOND FAILURE.

Evidence of an extraordinary financial recovery and a second failure was given at the meeting of the creditors of David Borne, builder, Auckland, yesterday, at the office of the official assignee, Mr. W. S. Fisher. Bankrupt's statement showed liabilities to unsecured creditors amounting to £571 16s Id, and £2117 12s 3d to secured creditors, who hold securities of an estimated value of £3220. Besides the surplus of £1102 7s 9d from the securities, bankrupt owns stock-in-trade and plant valued at £73 10s, book debts estimated to produce £2 18s 6d, and furniture valued at £140. An apparent surplus was set forth as amounting to £760 10s 2d. Tho official assignee said that bankrupt's properties had been valued for tie creditors, and although there was an increase in one case of £75, there was a total reduction on bankrupt's figures of £510. Bankrupt, on oath, said he was born in Russia. Ho came to New Zealand about 11 years ago with a little more than £100. Some years ago he sought ( he protection of the Court, and ho paid his creditors 10s it the £1. Bankrupt produced a balance-sheet, drawn up in 1913, showing that he had then a credi'- balance of nearly £1000. He said he had not drawn out any balance-sheet since 1913. The credit of nearly £1000 was amass il within 18 rno.riis of receiving Lis discharge. He was making good commissions.

The Assigned: Don't you think it would have been better to have made a further offer to you>: creditors? Bankrupt: 1 thought I had chances of making eiill more money. The official assignee said he did not think he would be able to offer a good dividend, in view of the state of the market. Ho also remarked that certain of tho properties were tied up under mortgago in such a manner as to render more difficult the problem of realisation. The meeting passed no resolution, and the estato was left to the discretion ai the official assignee.