BANKRUPT CONTRACTOR.

New Zealand Herald, Volume LXV, Issue 19976, 19 June 1928, Page 12

BANKRUPT CONTRACTOR.

" HAD NEVER KEPT BOOKS." NOMINAL SURPLUS SHOWN. [BY TELEGRAPH. —OWN CORRESPONDENT.] HAMILTON. Monday. A meeting of creditors in the bankrupt estate of Michael Hickey, contractor, Hamilton, was held to-day, Mr. J. H. Robertson presiding. Bankrupt stated that he was 62 years of ago and started contracting about 16 years ago. Up to that time he had worked on wages for the Public Works Department, and had a varied experience. He took up contracts in the Taumarunui district, doing road work, metalling and crushing metal. Nine years ago he removed to Hamilton and undertook drainlaying and sewerage contracts. He was solvent 18 months ago. Hickey said he had never kept books in connection with his contracts. On a drain-laying contract at the Waikato Hospital he experienced wet weather and an anticipated profit changed into a loss. He also lost on a house he built. He attributed his failure to loss of profit on the hospital contract, to inability to secure further contracts, and to pricecutting. Bankrupt's schedule disclosed debts totalling £1465 2s Bd, including £298 2s 4d due to unsecured creditors. Assets were valued at £I4BB 10s, including £I4OO on property and £BB 10s in book debts. A nominal surplus of £23 7s 4d was shown. The official assignee asked bankrupt to submit statements of receipts and expenditure on the house he built and the .hospital drain-laying contract. A creditor considered that Hie furniture owned by either bankrupt or his wife should be handed over to the creditors. Hickey was described by another creditor as "a toiler but a muddler." The position was regarded by creditors as being unsatisfactory, and it was suggested that bankrupt's failure to keep books should be the subject of investigation. The meeting resolved to recommend that bankrupt's discharge be opposed until he had paid 10s in the £l. The meeting was then adjourned.