CONTRACTOR’S FAILURE

Waikato Times, Volume 112, Issue 18777, 27 October 1932, Page 8

CONTRACTOR’S FAILURE

DIVIDEND FOR CREDITORS.

FROM INTEREST IN ESTATE. ADJOURNED MEETING HELD. The opinion that a substantial <JM« dend would be available provided that bankrupt’s interest in a deceased estate could be realised was expressed by Mr W. L. Roberts, representing the official assignee, at an adjourned meeting of creditors In Hamilton today in the bankrupt estate of William Percival Cullen, carrier and contractor of Hamilton. There was only one creditor present, and after bankrupt s position had been considered the meeting lapsed for want of a quorum. Bankrupt’s schedule disclosed debts totalling £626 4s lid, of which £535 I3s lid was owing to unsecured creditors. Assets amounted to £BIO, leaving a nominal surplus of £lB3 15s Id. In a statement submitted at a previous meeting, bankrupt detailed his business transactions over the past few years, and mentioned that he was bankrupt in 1925 as the result of the destruction of his contracting plant through the flooding of the Oparau river. He attributed his present position to the failure of several of his ventures. Included in his assets was a fourth share in his father’s deceased estate, which consisted of a private hotel at Te Kuiti and a house and section at Claudelands. He estimated the value of his interest at about £600., The first meeting of creditors was adjourned to enable enquiries to be made regarding the realisation of bankrupt’s assets. “With the Official Assignee I have looked Into Cullen’s position, and wa consider that the only asset to which creditors can look Is his interest Tn his father’s estate,” said Mr Roberts. "We cannot say what the Anal position will he, but at present It seems that if the Interest realises £6OO, as estimated, a substantial dividend will be available to creditors. None of the other assets are considered realise able.”