A BANK’S DEMANDS

Wairarapa Daily Times, 23 October 1930, Page 6

A BANK’S DEMANDS

CONTRACTOR FILES. (By Telegraph —Press Association). WANGANUI, Wednesday. A meeting of creditors of A. G. Bignell, one of the leading contractors and public men of the city, was held to-day. Although detailed statements show a considerable surplus of assets over liabilities on the trading account, the failure has been brought about principally by the bank’s demand for payment of guarantees signed by Bignell, some of them many years ago. These demands, 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. The liabilities total £22,366, while the par value of the assets amounts to £65,770. Contingent liabilities on guarantees (partial only) and uncalled capital on shares total £139,215. The assets consist principally of shares in local and other industrial and building companies. At a meeting of creditors to-day, the following resolutions were carried unanimously:—“That three supervisors be appointed to act with the DeputyOfficial Assignee and that private furniture and effects be returned.” “That A. Bignell be engaged to supervise and finish contracts in hand; that he be recommended for immediate discharge, and that his workshops, premises, stock, plant and machinery be returned to him. ’ ’