A BUILDERS' BANKRUPTCY

Sun (Christchurch), Volume IV, Issue 938, 12 February 1917, Page 11

A BUILDERS' BANKRUPTCY

MEETING OF CREDITORS. A meeting of creditors in the bankrupt estaie of Alfred Gabb, building contractor, was held at the oilicc of the Official Assignee (Mr T. I). Kendall) to-day. The bankrupt, in his statement, said that be had commenced busii ness in November, 1911, without [capital. He had never drawn anything from the business for living expenses, but defended on £2 10/per month from private sources and 25/- per week earned by bis wife. He had banked all moneys in connection with the business. lie was solvent iij) iIII three years ago, but his business was affected by an illness which laid him up for 12; months, by illness in his family, and! by his having signed a contract for \ building a bouse for a client and j discovering after he had framed it ; that the man had no capital and! could not pay for it. This transaction resulted in a loss of £l7O. j Since that time he had exchanged j two houses showing an equity of i £4OO for four sections at Spreydqn,' and secured clear titles for t\yo of i these. On the remaining two £100! was still owing. j After detailing various transaclions in sections, the bankrupt con-1 tinned that his liabilities after his I illness amounted to £385, but since that time he had built five houses, | entirely by his own labour, and bad, j by working very long hours, reduced his liabilities to approximately £l2O. lie was married, had six children,: the eldest being 12 years of age: He did not drink or gamble. He bad di'sposed of his motor bicycle for £l2 j to enable him to pay the tiling fee. | The following are the principal uh-1 secured creditors:—Briscoe and Co; ! £44 17/4, Scolt Bros. £3l 2/-, G. A.!' Blackmore £l7 8/4, C. Woods £l4 . 17/8, Reese Bros. £ls 9/8, W. Butler | £l4 12/5, Smith and Smith (oil merchants) '£6 12/9, A. Lees £7 1/8, F. Laws £5 16/3, Riccarton Timber Coy. £3317/1, Ford and Hadfield £l2 10/-. . (Proceeding).