BANKRUPT BUILDER

Sun (Auckland), Volume III, Issue 748, 22 August 1929, Page 10

BANKRUPT BUILDER

CROWN SOLICITOR TO BE CALLED IN “UNSATISFACTORY BUSINESS' (Special to THE SUN) CHRISTCHURCH. Today. About 30 creditors were present *%t a meeting held yesterday to discuss the bankrupt estate of Bernard Repnell. a well-known Christchurch builder. The meeting decided that the Crown solicitor should be asked to investigate Rennell's affairs. Claims had been made by 94 creditors, said Mr. A. \V. Watters, the ©flicial assignee, and debts totalled approximately £4.858. According to bankrupt’s statement he had assets worth £4OO and £298 was due to him in payments for contracts. However, only about £US of this would be collected. Mr. H. Bradley said he had heard that some of bankrupt s contracts were very loosely worded. The official assignee told the meetirg that the only assets upon which it was possible to realise were contract payments totalling £I4S and chattels worth £IOO. Of this, preferential claims for rent and wages would absorb £133, leaving £lls for ordinary creditors, or a payment of 5d in the poundAt the last meeting there had been £1,847 to account for, £4lO of which was drawings. “It confirms the opinion I expressed at the last meeting. ’’ said Mr. Watters, "that bankrupt did not know where he stood.” Bankrupt maintained that if his creditors had given him a better hearing he could have pulled through. Mr. Bradley moved that a public examination of bankrupt and his sifairs be held, but withdrew his motion in favour of an amendment that the case be referred to the Crown solicitor. This amendment was carried. The assignee said he thought ti.e i methods used in carrying on the bus- ! ness had been unsatisfactory, but that there was not enough evidence to warrant a prosecution.