HUNTLY BUILDER FAILS.

New Zealand Herald, Volume LXIV, Issue 19698, 26 July 1927, Page 7

HUNTLY BUILDER FAILS.

VENTURE IN FURNITURE.

DEFICIENCY OF £256 SHOWN.

A meeting of creditors in the bankrupt estate of Hugh Aitken, builder and furniture manufacturer, Huntly, was held yesterday, the official assignee, Mr. Gv N. Morris, presiding. The schedule showed total debts £849, of which £795 was owed to unsecured crditors. The total assets were £693, leaving a deficiency of £256. In a written statement bankrupt said that until about two years ago he nad no difficulty in meeting his obligations. Then work became very slack and, thinking to augment his income, he branched out into the manufacturing and sale of furniture. He purchased a section and erected a shop. Shortly afterwards keen competition sprang up, and his trade slackened off. He experienced great difficulty in collecting book-debts. In reply to the assignee, bankrupt said his losses were almost entirely due to his furniture business. He had lost money on only one building, dropping about £l5O in the erection of a house. His building operatipns were all contracts and he had not been speculating. About two months ago he met his creditors and, on the advice of his solicitor, offered to pay them 10s in the £. The creditors discovered he would have to borrow the money to do this and refused to accept the offer. A Creditor: Last September you told me you were fully financed and in a good position. The Official Assignee: As far as I can see he does not seem to know much about his business.

A motion was passed leaving all matters in connection with bankrupt's pro-< perty in the hands of the official assignee.