CONTRACTORS' FAILURE

New Zealand Herald, Volume LXIII, Issue 19416, 26 August 1926, Page 13

CONTRACTORS' FAILURE

' ! 1 ■ -■ ■ ; '-. ' > ■ "CASE OF PURE MISFORTUNE" .■ -- ; ' ' ' '

LOSS ON CONCRETE BRIDGE. EXPECTATION OF A LEGACY. Bankruptcy, after nine years of affort to , overtake a debt due to the. failure of a r bridge contract, resulted in trio appearance ; of -William Victor ttV'erran,"- Qnga- ,v - - rue (Mr. B. Noble), before the official Mr-. \Y. S. Fisher, y< nterday. Only one creditor was represent;.!. The schedule showed unsecured debts of £233 9s 5d and assets amounting 'to £4l 10s, leaving a deficiency of £l9l 1.9s sd. In a. written statement, - bankrupt said he was engaged in timber-carting contracts in the King Country in T£'2l. Last \ April his :horse-team was seised' for - Itis"! ; failure to meet the .-purchase-agreement. - He was now earning wages which barely; sufficed for the support of his wife and < five children. 1 In cross-examination, bankrupt said he had worked on road contracts for the Waipawa County Council from 19.16 to 1917. He built a concrete bridge and owing to trouble with floods lost £2OOO on ; the contract. After meeting various debts with money in hand he owed about £I2OO. He devoted his surplus earnings,to reduction of his debts and went to the : King- Country in 1921 with 'about £6(X) in arrears. " '

The Assignee: It appears that you have, since made good to the extent of £'loo. Bankrupt said he had agreed to pay £312 for the team of six horses and two waggons;! He had merely, paid the in- , ter'est On this money, as his: efforts were concentrated on reducing the. old debt. . He was compelled to file owing to judgment summonses issued by his more re- : . cent creditors. The Assignee: They have probably done you a kindness. Yon will get rid of all your liabilities in one fell swocp. Bankrupt said he was one of a family of nine !\vho would participate in a small legacy. The Assignee; You will lose that. Bankrupt: 1 realise that. Mr. Fisher said bankrupt, 'hid sipparcnt.lv made a genuine effort, to pull through.' 1 It wfis ;v c:ise' 6V pure; Hxiafor-; : tune and unless some contradiction was lodged these circumstances would be iu bankrupt's favour when application was made for discharge. "" - < ' '