BANKRUPT CARRIER.

New Zealand Herald, Volume LXIX, Issue 21233, 13 July 1932, Page 12

BANKRUPT CARRIER.

BUSINESS AT TE KUITI.

UNSUCCESSFUL CONTRACTS. [FROM our own correspondent.] HAMILTON. Tuesday. A nominal surplus o£ £lO7 -was shovrn in the schedule of George H. Oliver, carrier, of Te Kuiti, who met his creditors before the official assignee, Mr. V. R. Crowhursfc, in Hamilton to-day. The schedule showed debts totalling £290 and assets as £397, this amount including a surplus from securities in the hand 3 of secured creditors of £lB2. In his statement bankrupt said his position was sound until 1925, when the heavy traffic regulations came into force. Under the new road classification ho was obliged to take his two heavy motortrucks off the road and replace them with two lighter vehicles at a cost of £I6OO in order to fulfil a carrying contract. One of the old trucks, which at that time were worth £BOO each, was accidentally burned, and h/3 was unable to dispose of the other. • Bankrupt then entered into a timber carting contract, with a provision that he was to maintain the road. This contract was terminated after 12 months and he lost the £SBO which had been expended on road work. As there was not a quorum present, the meeting lapsed.