Low Rates Contributed to Bankruptcy
Page 40
If you've noticed an error in this article please click here to report it so we can fix it.
:A
A FORMER haulage contractor said
at Nottingham Bankruptcy Court last week that the causes of his £4,849 deficiency were lack of capital, undertaking haulage work at low rates, excessive vehicle repair costs, idle time resulting from breakdowns, and drawings in excess of profits.
He was Alexander Gordon, 31, now a salesman, of Stapleford, Notts, who carried on business as a vehicle dismantler under the 'lame Vernons Waste Metals, and as a haulage contractor under his own name.
Mr. Gordon started in business without capital in October, 1960, using unsecured loans totalling £515 as deposit on a lorry. A partner who was admitted to the business in June, 1963, introduced £1,000.
The partnership was dissolved in December of the same year, and Mr. Gordon took over the partnership assets and liabilities and agreed to pay his outgoing partner a total of £1,300 in £50 monthly instalments. He said he discontinued trading in August last year and filed his petition in bankruptcy in December after being served with a bankruptcy notice by a judgment creditor for 1218 12s. 9d.