BUILDER'S BANKRUPTCY.

New Zealand Herald, Volume LXVIII, Issue 20820, 12 March 1931, Page 7

BUILDER'S BANKRUPTCY.

LOSS DUE TO SPECULATION. SYMPATHY OF CREDITORS. The first meeting of creditors in the estate of Godfrey Ohms, builder, of Mount Eden, was held yesterday, the official assignee, Mr. A. W. Watters, presiding. Bankrupt's schedule showed unsecured liabilities totalling £lßos| the debts to scoured creditors being £4556. The securities were estimated to produce £6043. Assets amounted to £l2B, being estimated to produce £64.

In his statements' Ohms said he was doing well until he commenced speculative building two yeats ago. He had been doing well as a contractor and in 1930 had shown a profit of about £4OO. When, a number of houses ho had built as speculations came back on his hands he was in dilliculties, while competition had been keen in the building trade. If the depression had not made it difficult to sell properties he might have been able to realise on them and obtain work, and then his affairs would have been all right. He had not kept a book-keeper, as his business did not warrant one, but had relied on his bank pass-book. Remarking that bankrupt's position was due to business depression,- a creditor moved a resolution of sympathy with Ohms, which was carried by four votes to two. ' •