CONTRACTOR'S FAILURE.

New Zealand Herald, Volume LXIV, Issue 19736, 8 September 1927, Page 14

CONTRACTOR'S FAILURE.

PENROSE QUARRY VENTURE. A meeting of creditors in the bankrupt estate of Frederick George Tapp, contractor, Penrose, was held yesterday, the official assignee, Mr. G. X. Morris, presiding. The schedule showed debts amounting tq £l4O, all owing to unsecured creditors. There were no assets. In a written statement, bankrupt said he commenced business as a contractor in April, 1926, when he took over a quarry at Penrose. He had previously owned a stone-crushing plant, but it had proved very unsuccessful after three years' operations. On starting work at the Penrose quarry he had a capita;! of £I4OO, but a very inferior class of material was met with after only 1000 yards of metal had been taken out. Bad weather was then experienced and bankrupt said he was forced to file after continued losses. In reply to the official assignee, bankrupt said his books were burned in a house he had proposed to purchase. His capital was increased by £450 by a partner who joined him in September, 1926 That was after he had met with the bad metal. He was finally forced to hand over the whole business to his partner last February. There were four debts outstanding for which he accepted sole responsibility. He would be able to pay his creditors if he were given tho opportunity. Tho official assignee said bankrupt had been very fair and did not ask for his discharge until he could pay his debts. However, bankrupt should have consulted the four creditors he now acknowledged before handing over his assets to his partner. The meeting closed without a resolution being passed. Bankrupt reiterated his intention of paying his debts as soon as he could.