A BUTCHER'S FAILURE.

New Zealand Herald, Volume LXIII, Issue 19280, 19 March 1926, Page 14

A BUTCHER'S FAILURE.

SOLDIER-FARMER'S VENTURE.

STORY OF UPHILL STRUGGLE. DUAL WARKWORTH BANKRUPTCY The story of an unfortunate business venture, in which a soldier farmer and his wife were induced to conduct a butchery business at Warkworth, was told yesterday at a meeting of creditors in the estate of Percv and Nellie Tile.

Bankrupts' schedule showed the sum of £849 owing to unsecured creditors. Tho assets, including stock-in-trade, valued at £222, and book debts estimated to produce £2OO, amounted to £573 After he returned from active service in 1918, said bankrupt, he took up a farm at Warkworth under the soldiers' settlement scheme, and purchased' stock to the value of £1250. His payments to the Government totalled £5 a week. The struggle was an uphill one, debtor suffering from a war disability and having only ,» very limited amount of capital. It became apparent that he would have to seek some kind of work to supplement the earnings of the farm, and in September, 1924, he and his wife were induced to join a local butcher in opening a new shop at Warkworth. His wife put the bulk of her capital, amounting to about £6OO, into the business. Certain arrangements were made with regard to the conduct of. the business, but no partnership agreement was drawn up in writing between the parties concerned. Bankrupt said that he still believed that there was room for another butcher at Warkworth, but he was greatly handicapped by his ignorance of the trade. He tried for some time to make the best of things, and made reasonable progress, but trouble arose with the third party concerned, and it became evident that his only course was to tile. He had had to give up his farm in April, 1925, and there was still a certain amount of indebtedness outstanding on the property. Some discussion took place as to bankrupt's position in connection witn the business, the debtor stating that lie was not a partner, but had merely drawn wages as manager. The partnership was between his wife' and the man who had induced them to go into the business, but he had been included in the bankruptcy in the interests of tho creditors.

A resolution was passed e.-pressitg the sympathy of creditors with Mrs. Tile, and requesting the assignee to facilitate her discharge. It was also decided that the assignee should obtain legal opinion with regard to the separation of the bankruptcy into two estates.