BUILDER'S BANKRUPTCY.

Star (Christchurch), Issue 11717, 6 June 1916, Page 3

BUILDER'S BANKRUPTCY.

ESTATE OF J. W. TANT. MEETING OF CBEMTOItS. A meeting of creditors in the estate of John William Tant, builder, was hold in the offices of the Official Assignee yesterday afternoon. Mr T. I>. Kendall, Official Assignee, presided, and twenty creditors attended' or-- were represented, Tho total debts were set down at £1605 llsj and \V total assets at £1519 12s off. leavivig a deficiency of £SS 18s 7d. Tho secured creditors were set down at £4557 8s 9d, and trustees' accounts at £59 13s 9d. The estimated value of securities was £5850, leaving a surplus to contra of £1232 17s 6d. On the credit side, book debts, amounting to £286 14s lid', were estimated {.o produce that sum, and tho surplus from securities in the bands of secured creditors was set. down at £1232 17s 6d'.

Tho principal unsecured creditors were:—C. 11. ;Moir, £265 10s; A. Swanston, £376 14s 6d; O. M'Oully, £135 17s 6d. Baty, Eergh and Co., Ltd., £6B 19s 9d ; Large ' and Allen, £94 18s 6d; T. E. Barrett, £6O: Scott Bros., £63 7s 8d; -J. A. W. Tant, £6B; C. Green, £47 12s 6d;; Smith and Smith. Ltd., £4l 0s lOd; Field and Sons, £34; Bradley Bros., Ltd.. £45 lis 6d; Eade Bros., £34 7s; Christchurch Brick Company, Ltd., £26 12s id; Briscoe and' Co., Ltd., £24 9s 7d; Andrews and Sons, £2l 10s; T. Banks, £2l 2s; A. and T. Burt, Walter Butte. £8 5s 6d: Congreve and Sons, £lB 9s 3d; W. Gray, £8 12s; Gibbs Bros., £9 ISs; J. Otlev and Sons, £9 2s; J. E. Garland, £l3 7s 9d; Mrs Murphy, £7 8s 9d': Rowe Bros., £5 3s 6d; D. Neodham. £5 6s 3d; Beath and Co., £26 6s 6d: H. Pannell, £ll 15s; Edgar Bates, £ll 15s. The secured creditors were:—E. A. and E. H. Pitts. Christchurch, £500; Louisa Collett, ' Christchurch, £IOO, and Williams, Stephens and' Co.. timber merchants. Christchurch, £347, lis 9d, all on security valued at £1000;' Mutual Benefit Building Society, Christchurch, £415; Fanny Thomson. Christchurch, £2OO, and Bank of. Now Zealand, ✓Ghristchurch, £136. all secured on property valued at £975 ; L. Humphrey, merchant, Christchurch, £132, security £250; Margaret Cunningham, widow, £3OO, security £450.; Marv E. White, Christchurch. £375. 'and C* S. M'Cully, Christchurch, merchant. £l3O. both on security Valued at £575; Marv E. White. Christchurch, £4OO, and C. S. M'Cully, £2OO. on security" valued' at £675: C. Taylor. Christchurch, securitv £650; Mary E. White, Christchurch, £4OO, security £675. Tho debtor stated that he had been bankrupt in Christchurch before, on April 26, 1909. As far as he could remember, Jiis estate then paid about 3s in the pound. Ho obtained his discharge in . January, 1910.- For twelve mouths afterwards, he worked for writes. During 1910 he again started in business for himself, and was successful until March, 1915. when he assigned his estate, Messrs Stewart and Beckett being appointed, to realise within one year and uav 12s 6d in the pound. Last April another meeting of creditors was called, and it was decided that he should file his schedule within three days," otherwise he would be forced through the Bankruptcy Court. Consequently, he filed. He was confident that if tho estate was realised to tho best advantage it would pay 20s in the pound. Ho drew from the business between £2 10s and £3 a week, but in no case did tho drawings ever exceed £4. Ho attributed his failure to:—(1) The strike; (2) increased cost of material and high rates of wages; (3) the war. He . was not addicted to drink or gambling. At present ho was engaged on day work. . If normal conditions had prevailed hecould hare paid 20s in the pound. He was married and had three children, but only one was dependent on him. The Official Assignee said that the assets wero represented by equities on suburban properties, and it was somewhat difficult to disposo of that class of property just now, as people were not speculating, but when they did buy it was generally a place to occupy. Suburban properties were, less in demand thau city properties. ff it was desired to reilise in a fairly reasonable time, reductions must bo made in the valued. Some of the properties bore ono mortgage, some two mortgages. On the list there wore five houses. One property sold had three mortgages on it. There would be nothing in several of the properties at least. It was the worst possible time for trying to sell suburban properties. Tt. was decided that tho Official Assignee should arrange to disposo of the properties. It wes also decided, on the motion of Mr Cunningham, who represented several creditors That the. debtor s books should bo thoroughly investigated, in order to ascertain the reasons why he should get. himself into the present position so soon after his previous bankruptcy."

Mr M'Murray. in reply to remarks by Mr Cunningham, said th.it lie and Mr M. Stewart, as trustees in the estate, had done their best to dispose of the properties. Mr Cuiuiingham that ho v.-as quite satisfied that the trustees bad carefully discharged their duties to the creditors.