CONTRACTORS FAIL.

New Zealand Herald, Volume LXIV, Issue 19753, 28 September 1927, Page 9

CONTRACTORS FAIL.

VENTURE BY BROTHERS. : LACK OF BUSINESS TRAINING. LOW PRICES AND BAD WEATHER. [BY TELEGRAPH.—OWN CORRESPONDENT. ] Hamilton, Tue»d»> A meeting of creditors in the estates of Harold Tennyson Bloomfield and Stanley El'dred Bloofiiiield, contractors, Morrinsville, was held at Hamilton to-day, the acting-official assignee, Mr. J. H. Rohmson, presiding. Bankrupts' schedule Showed thta debte owing to unsecured creditors amounted to £l2lß 12s lid. showed that debts owing to unsecured by the estimated value of the securities, while stock and implements were valued at £142, The separate schedules of Harold Tennyson BioomSeld and Stanley Eldred Bloomfield showed deficiences of £6 5s Id and £173 15s respectively. Bankrupts stated that on returning from active service they commenced business in partnership under the style of Hieonifield Bros., as contractors. Their capital was. small, consisting of personal savings aiid moneys paid as war gratuities. For a time she business paid it* way, but they were severely handicapped both by lack of capital and busines« training. In 1922 bankrupts had a Government contract on the Hauraki Plains and that involved them m a monetary loss. They could not find money to pay wages as 'hey fell due. and had to borrow against their progress payments. Work was held up on account of unfavourable weather and unancially bankrupts had a setback from which they never recovered. They later purchased motor-lomes, with the idea of improving their position, but the venture turned out badly and the lorries were taken over by the unpaid venders. Bankrupts lost all moneys paid on the lorries. Some time ago they ceased carrying on business in partnership and both took whatever work was offering in order to support their respective families and reduce their partnership debts. Bankrupts attributed their present position to lack of business training, outside competition, payment of high rates of interest on borrowed moneys and overdue accounts and broken time, duo to winter weather conditions, I'he official assignee said it seemed that bankrupts were not qualified to undertake* the particular class of busineas they had carried on for some years. He would oppose their discharge until some time had elapsed, it thoy applied for it, on account of their lack of business experience. The principal creditor expressed tho op.nion that bankrupts had worked very hard, but bad weather and low price* had beaten them. A resolution was earned that every laciiity be given the bankrupts to secure their "discharge after a period toad elapsed and a recommendation was made to tho assignee to offer no opposition. DESIHE TOR A DIVIDEND.

DECISION BY CREDITORS, A mooting of creditors in the estate of Matthew Headersc'a, contractor, of Pu turn ru, was held w Auckland yesterday. A meeting was held in Puurmu on March 9, when creditors passed a resolution asking the official assign#® to facilitate bankrupt's discharge. Bankrupt'# schedule showed he oWJtd £968 14# 6d to unsecured creditors, and his assets totalled £195, leaving a deficit of £773 14s 6d. The minutes of the previous meeting were read, but on the vote of confirmation bemg put to the meeting there was one dissentient. A creditor stated he had voted against the motion to facilitate bankrupt's discharge, and his vote had not been recorded. This had given the assignee the impression that the vote had been unammoui. Several city creditors h<slu that the dividend bankrupt couid row pay, 5d m the pound, was aot sufficient, but the country creditors were in favour of facilitating the discharge. It ».*» not as if bankrupt was to blame, they aaid. He had ben'ii very unlucky, and he had not been entirely to blame for the losses he had sustained. A motion was carried agreeing to permit bankrupt's discharge, provided he paid 5s in the pound.