BORROWED CAPITAL AT 48% INTEREST
6th March 1959, Page 35
6th March 1959
Page 35
Page 35, 6th March 1959
— BORROWED CAPITAL AT 48% INTEREST
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Pl.A FORMER coach operator described at Stockport Bankruptcy Court, last week, how he had .borrowed from a money-lender at 48 per cent, interest to keep his business going. He was Richard Emery. Gilbert Road. Peterlee, who admitted liabilities of £908 12s. 3d. and a deficiency of £432 3s. 2d.
Mr. Emery said he had £400 from the money-lender in 1957 and the following year a finance company advanced him C500. However, his business failed due to a general decline in trade, depreciation in the value of his coach and lack of working capital.
• Mr.. R. H. Howard, Official Receiver, closed the examination.