ELECTRICIAN'S FAILURE.

New Zealand Herald, Volume LXVII, Issue 20560, 10 May 1930, Page 15

ELECTRICIAN'S FAILURE.

STATEMENT TO CREiD ITORS. A meeting of creditors in the estate of Basil Thomas Speer, electrician, of Tui Road, Point Chevalier, was held yesterday, the deputy-official assignee, Mr. G. W. Brown, presiding. ( In his statement bankrupt showed debts to unsecured creditors totalling £322. The assets stated were £325, the estimated surplus over debts to secured creditors, £5 stock-in-trade, and book debts to the value of £24. Bankrupt's statement set out that he started business on his own account as an electrician about threo years ago, taking small contracts. Eighteen months ago be < was £lB7 behind in his accounts, but be | had gradually reduced that amount to £9O. Previously, hp had applied for a State Advances loan to build a house. He bad ; a contract to have tho house built for I £BSO, but the builder informed him that < ho would build it, for under £BOO if ho < worked on it. .He decided to carry on, but the house finally cost him EflSO A second mortgage for £250 had been < arranged, which would have enabled him ' to pay off all creditors and leave a small 'I balance, continued bankrupt, but he had I trouble in securing the money. If he ' (Speer) had not been made bankrupt, he 1 would have obtained the advance. As he I was now employed as a taxi-driver at ' £4 12s 6d a week, and had a wife and one child to support,, he could make no offer I in the meantime. As there was not a quorum of creditors 1 present, and as bankrupt had not brought ! certain books, the meeting was adjourned for a fortnight. , [