BANKRUPT CONTRACTOR

Southland Times, Issue 21659, 22 March 1932, Page 5

BANKRUPT CONTRACTOR

MEETING OF CREDITORS. NO OFFER MADE. A meeting of f creditors in 'the bankrupt estate of John Patrick Hogan, of Wairio, contractor, was held in the Courthouse yesterday, the Official Assignee, W. 11. Morgan, presiding. Bankrupt’s schedule showed that his total liabilities amounted to £444 14/7, consisting of debts to unsecured creditors. His assets - amounted to £67 10/-. Thus the deficiency was £377 4/7. The secured creditors were: Ford’s Ltd., Gore £6O; A. Russell and Co. Ltd., £3O; Bank of New Zealand, Otautau, £lOO. The principal unsecured creditors were: G. W. Woods and Co., £32; Angelo Bros, £4B; Bird and Co., £2B; National Mortgage and Agency Co. Ltd., £52; Wright Stephenson and Co. Ltd., £2l; New Zealand Loan and Agency Co. Ltd., £22; Brunton Bros., £29 10/-; W. Scully, Invercargill, £4O; Maling and Co., £l3 9Z-; M. Ford, £29 17/8; J. Ford, £lB 7/6; D. W. McKay Ltd., £3O; C. Cull, £4O; J. Creegan, £10; Patrick Macnamara, £lO 9/6. In his statement bankrupt said he had been in business as a contractor for over 20 years. About 1920 he had had a successful contract with the Southland Electric Power Board at Monowai and was periodically working on contracts for about five years. About 1927 he had two contracts at Chai and lost heavily on both. He had had successful contracts since that time and on commencing a contract in June, 1930, for the Public Works Department at Fairfax he owed about £lOO. This contract was for £1825 and was completed in February, 1932. A loss was sustained on the contract by reason of wet weather preventing the work being continued. During the first 12 months only one week had been worked full time and no work was done at all during periods extending up to three months. For a number of years he had dealt with Mr B. Angelo, a storekeeper at Fairfax, and had always paid his accounts due to Mr Angelo in full. Mr Angelo had received many substantial cheques from him. In 1931 Mr Angelo had transferred his business to his two sons, Messrs Montagu Bernard Angelo and Richard Angelo. He had dealt with them and paid them £BO on account of stores. In November, 1931, they had obtained judgment against him for the balance of their account. He had since beyi served by them with a bankruptcy notice and a petition upon which he had been adjudicated a bankrupt. He was single and at present was assisting with a contract at Waikiwi.

After being examined by the assignee, bankrupt said he could make no offer to his creditors.

It was decided to allow the bankrupt to retain his horses, dray and hut if he guaranteed to pay the creditors 10/- in the £. The assignee then adjourned the meeting sine die.