A BANKRUPT BUILDER.

Taranaki Daily News, 20 January 1923, Page 6

A BANKRUPT BUILDER.

ESTATE OF J. M. THOMSON. A PAYMENT PRESSED FOR. A further inquiry into the affairs of John Muir Thomson, a bankrupt builder, of New Plymouth, and formerly of Hawera, was conducted at the office of the D.O.A. (Mr. J. S. S. Medley) yesterday afternoon. The first meeting in bankruptcy was held on December 18 and was adjourned for the production of details concerning the contracts undertaken by Thomson in New Plymouth, but prior to that date, in June last, he came to an arrangement with his Hawera creditors concerning debts contracted in that town. It was stated yesterday that at this meeting the bankrupts affairs showed a position equivalent to 50/- in the £, but that further investigation had since shown that he was practically insolvent.

Bankrupt’s statement of assets and liabilities showed debts owing to unsecured creditors .€1948 12s; to secured creditors £715, less estimated value of securities £BOO. Assets were shown as stock-in-trade £25, book debts ( £723) estimated to produce £5OO, property £450, surplus from securities £B5, a total of £lOOO, leaving a deficiency of £BBB 12s.

Those present at the meeting yesterday besides the D.O.A. were Messrs. Syme (also representing Alessrs. Bennett and Sutton, Hawera), C. E. Monaghan (Darby and Hannan), H. Kirkby (Wanganui Sash and Door Factory), McCormack (Matheson and Son, and Casey), H. C. Take, N. Little (W. Russell, and J. A. Red-path and Sons, Ltd., Wellington), Blair, Booth, F. H. Jellyman, and F. C. J. Bellringer. The bankrupt was represented by Air. L. A. Taylor, of Hawera, who produced statements showing in detail the receipts and disbursements, etc., which had been asked for in connection with the New Plymouth contracts.

In a further statement submitted by the bankrupt, particulars were given of certain of his book debts, with a note to the effect that little, if anything, could be expected from these. Particulars were also given of two other debts owing to him, and the statement continued with details of a number of miscellaneous builders’ requisites, which were scattered over various jobs and which should be available for realisation. The bankrupt added that he had received a total of £6678 from the New Plymouth contracts and had disbursed * £7170. He had drawn on Hawera for money and had returned the sum of £450 for various matters. The £lOO he had paid to his wife was in repayment of money advanced by her. The amount had gone into the house where he was now living and which was purchased in his wife’s name. The discussion yesterday centred round the contracts and the whereabouts of a quantity of timber. It then went back to the Hawera meeting and into details concerning the realisation by the Farmers' Co-op. at Hawera of a house owned by the bankrupt there and a motor-car over which they had taken, a collateral charge. Bankrupt was unable to supply the creditors with much 'information on these points and the matter was dropped. It was stated, however, that these sales had wiped out bankrupt’s supposed equity in the house and car, and that now he had practically no assets at all. The bankrupt stated that he had paid £575 for the car in 1920 and that it was sold for £l3O last year. After an informal discussion the D.O.A. suggested that the meeting should be further adjourned to enablehim to go into the New Plymouth contracts in detail.

Mr. Booth objected to a further adjournment on account of the friconvenience to the Hawera creditors, and after a further discussion it was agreed that, the bankrupt's affairs should be left to the D.O.A. Air. Booth then moved that to show the creditors’ disapproval of the bankrupt’s actions, his discharge should be opposed until such time as he paid 7/6 in the £. The motion was seconded by Mr. Blair and carried. The meeting was then adjourned sine die.