BANKRUPT BUTCHER.
PRICE-CUTTING BLAMED.
BUSINESS IN PONSONBY.
With assets of £54 cash and liabilities to unsecured creditors of £296 16/3, F. O. Green (Mr. J. R. Malloy), formerly a pork butcher, with premises at 297, Ponsonby Road, met his creditors before the Official Assignee this morning.
Bankrupt stated that he started his business with £100 borrowed capital in July, 1931, and for nine months pro-, gressed satisfactorily. Then two of his principal rivals commenced a pricecutting war, against which he was unable to compete. He borrowed another £35, but the business continued to go back. Last September he endeavoured to sell, and eventually succeeded in March. He accepted an offet of £80, which he considered ridiculously low, but he had no option. His assets of £54 were the balance of this purchas'2 money after meeting a payment for plant and legal expenses and deducting £6 for himself.
The assignee, Mr. A. W. Watters, said that the creditor who had advanced bankrupt £135 would not press the claim. Bankrupt, he added, had been unwise in not consulting his creditors before disposing of the business.
A motion was passed that, in the event of the loan creditor not continuing with the claim, bankrupt's discharge bj facilitated.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/AS19330407.2.14
Bibliographic details
Auckland Star, Volume LXIV, Issue 82, 7 April 1933, Page 3
Word Count
204BANKRUPT BUTCHER. Auckland Star, Volume LXIV, Issue 82, 7 April 1933, Page 3
Using This Item
Stuff Ltd is the copyright owner for the Auckland Star. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries.
Log in