BUILDER'S BANKRUPTCY.

New Zealand Herald, Volume LXI, Issue 18680, 9 April 1924, Page 11

BUILDER'S BANKRUPTCY.

CREDITORS MAKE AN OFFER. [BY TELEGRAPH. —OWN CORRESPONDENT.] HAMILTON, Tuesday. A meeting of the creditors of George Henry Wilson, builder, late of Hamilton, now of Auckland, was held yesterday, at Hamilton. The total debts were set down at £1252; which comprised £316 to unsecured creditors, and £936 to secured creditors. Against this were shown £48, cash in hand, and a section and dwelling afc St. Winifred's Avenue, Claudelaods, valued at £1710, on which there i was a State Advances loan of £900. Mr. E. L. Thwaites, of Auckland; represented bankrupt. The bankrupt stated that he had been a builder on his own account for nine years, five of which were spent in the South Island, and four at Hamilton. Although his assets exceeded his liabilities, some of his unsecured creditors were pressing him, and he was forced to file. Mr. Thwaites said that the bankrupt might possibly find 10s in the £, and might arrange the cost of the bankruptcy and meet the arrears on the house. If there was any more available the creditors would get it. That would make 15s in the £. The deputy-official assignee, Mr. V. H. Sanson, said that the bankrupt would require to raise nearly £500 to do that. The meeting resolved that if 10s in the £ was made available within a week it would be accepted, and the bankruptcy annulled. A committee was appointed to act with the assignee in the matter.