BUTCHER'S FAILURE

New Zealand Herald, Volume LXX, Issue 21462, 8 April 1933, Page 7

BUTCHER'S FAILURE

DEFICIENCY OF £242 A deficiency of £242 was shown in the statement of F. 0. Green, formerly a pork butcher nt 297 Ponsonby lload, presented at a meeting of his cj editors yesterday. The official assignee. Mr. A. W. Waiters, prosided. Debts to unsecured creditors totalled £296, and assets amounted to £54. In his statement bankrupt said he. had borrowed £IOO from a friend to start a pork butcher's shop, and in the first nino months he progressed favourably and was able to pay his way. Then a price war was commenced between two of his rivals, and his business started to go back. Ho borrowed £35 to - carry on, but the prico war continued and the business went further back. Ho began to got into debt and could make no headway, so ho decided to sell and get what ho could. Ho received £BO for the shop, which ho considered ridiculously low. After deducting £6 from his assets and meeting some other expenses, ho had £54 left.

The official assignee said bankrupt had been unwise in not consulting his creditors before selling his business, it .was stated a creditor who was owed £'l3s would not press the claim. It was decided that bankrupt's discharge should ho facilitated in tho event of the creditor for £135 not continuing with the claim.