BUILDER FILES

Southland Times, Issue 20015, 1 November 1926, Page 9

BUILDER FILES

MEETING OF CREDITORS. A meeting of creditors in the bankrupt estate of Frederick William Targuse, a builder residing in Invercargill, was held qn Friday before the Official Assignee (Mr W. D. Wallace). Bankrupt’s position was shown as follows :—Debts. —secured creditors, £2,660; estimated value of securities, .£3830; surplus to contra, £1,170; unsecured creditors, £2,396 12/5; assets.—stock in trade, £75; book debts, £533 7/3; property, £330; surplus from securities in hands of secured creditors, £1,170; total assets £2lOB 7/3; deficiency, £2BB 5/2. The chief unsecured creditors were:—G. Poole and Sons, £524 12/5; Arthur Ayling and Co., £337 3/3; John Edmond and Co., £280; Gordon Webb, £155 12/-; Archibald Allen, £6O; ITtomson Bridger and Co., £5O; J. Beadle, £110; Edmund Hodge, £5O; H. Fairbairn £80; McSkimming and Co., £145 19/6; Southland Brick Co., £B5 10/-; Maori Beach Timber Co., £124 6/3; New Zealand Electrical Appliance Co., £5O 9/-; H. Lincoln £B3 13/-; Borough Gas Department, £52 5/11; J. Sargison, £5O. Bankrupt’s statement was as follows: — “I started business in January, 1924, by building a house in George street, North Invercargill, having sufficient capital to purchase a section. I raised a Building Society mortgage on this house and, having paid a deposit on another section, commenced a second' house in Bourke street. I almost completed this place and raised a further mortgage in order to build a house next door. The property market was good at the time and I felt I was on safe ground.” After giving lengthy details regarding his building activities bankrupt concluded: “I attribute my position to the unexpected drop in the market for house properties and to the fact that three properties were not disposed of. As soon as I realised my position I decided to file and get no further behind.” The meeting was adjourned until next Friday, Messrs A. Poole, Davis and Ayling being appointed to go into the question of realising on the assets with the Assignee. The Assignee remarked that it seemed to be a case of speculative building, which until 18 months ago was a profitable occupation. _____