LEADING CITY MAN BANKRUPT

Taranaki Daily News, 23 October 1930, Page 8

LEADING CITY MAN BANKRUPT

WANGANUI CREDITORS MEE" ; PAYMENT OF GUARANTEES* By Telegraph.—Press. Association. ■" . Wanganui, Oct. " 22. A meeting of the creditors of A. G. Bignell, one° of the leading contractors and public men of the city, was held today. Although detailed statements show a considerable surplus of assets his failure has been brought about principally by a bank’s demand for the payment of guarantees signed by Bignell, some of them many. years ago. These demands, 1 together with other possible contingent liabilities, decided. Bignell to place his whole estate in the hands of his creditors by lodging a petition in. bankruptcy. A The. liabilities total £22,366, tvhile the ’par value of the-’assetsvamounts to £65,7701. Contingent: liabilities,on .guarantors (partial only) and uncalled capital bn shares total / £139,215. The assets consist principally/of shares in .local and other industrial and building companies. ‘ At the meeting of creditors to-day the following resolutions Wdre carried unanimously: That-three supervisors be appointed to act with the. deputy official assignee, .that-, private, -furniture and effects be returned, that Bignell be engaged to supervise and finish contracts in hand, that he be recommended for immediate discharge and that his workshop, ■’ premises, ’ stock, - -plant and machinery be returned to him.