BANKRUPT CONTRACTOR.

Waikato Times, Volume 108, Issue 18157, 23 October 1930, Page 8

BANKRUPT CONTRACTOR.

CAUSE OF FAILURE. BANK’S DEMAND FOR GUARANTEES (By Telegraph.—Press Association.) WANGANUI, Wednesday. A meeting of creditors was held in the estate of A. G. Bignell, one of the leading contractors and public men of the city. Although the 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 the payment of guarantees signed by Bignell, . some of them many years ago. These demands, together with other possible -contingent liabilities, decided Bignell tc place his whole estate in the hands of -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 the meeting of creditors to-day the following resolutions were carried unanimously—That three supervisors be appointed to act with the deputy Official Assignee; that the private furniture and effects be returned; that Mr 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.