FAILURE OF A BUILDER.

New Zealand Herald, Volume LXV, Issue 20112, 24 November 1928, Page 19

FAILURE OF A BUILDER.

CREDITORS' SYMPATHY. "CASE OF SHEER BAD LUCK." A meeting of creditors in tho estate of Harry Krissansen, builder, Birkenhead (Mr. W. W. Meek), was held yesterday, the official assignee, Mr. G. N. Morris, presiding. Tho schedule showed total debts amounting to £2Bl and assets £59, leaving a deficiency of £222. In a written statement bankrupt said ho commenced business as a builder in October, 1924, with a capital of £l5O, and built two houses, both of which proved profitable transactions. In June, 1925, lie took in a partner, but this proved unsatisfactory, and ho was compelled to take over all liabilities, totalling £2OO, in February, 1926. His partner had no assets whatever, lie then undertook several contracts in an endeavour to pay off outstanding partnership liabil ities. These were generally profitable, and ho was able to liquidate the partnership debt. He then proceeded to undertake further contracts, but owing to the illness of his wife and children he again found himself in debt. He was unable to secure further contracts or other work owing to slackness of trade. There was then nothing left for him to do but call his creditors together and file a petition in bankruptcy.

" It. seems to me to be a case of sheer bad luck," remarked the assignee. After some discussion in which creditors took a sympathetic, view of the troubles which had beset bankrupt, a resolution was passed agreeing that his discharge should be facilitated.