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'Good workman' fails

28th August 1970, Page 16
28th August 1970
Page 16
Page 16, 28th August 1970 — 'Good workman' fails
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Which of the following most accurately describes the problem?

• A haulage contractor who tried to start up business on his own failed because of his lack of business sense, it was said last week.

At his public examination in bankruptcy in Carlisle, Michael Reed, 27, admitted having liabilities of £1497.

He agreed with Mr John Dumble, the assistant Official Receiver, that his troubles had begun between August 1968 and August 1969 when he tried to start business on his own.

"I realize now that I should not have tried to go on my own. But I thought I could make a success of it", said Mr Reed, of Highfield. Tebay, near Kendal.

Mr Dumble said that Mr Reed had ended up with assets of £27 which left him with a deficiency of £1470.

The Registrar, Mr John F. Beaty, said: "It is a familiar case that we find in this court. Here is a good workman who goes into business on his own. But he has no business or administrative sense, lack of resources, and no capital."

The examination was closed.