Disaster move
Page 7
If you've noticed an error in this article please click here to report it so we can fix it.
A SHROPSHIRE businessman who became involved in a haulage company saw his money disappear in what became a "disastrous venture," Shrewsbury bankruptcy court heard on May 23.
Richard Derek Hamburger, of Acton Burnell, Shrewsbury, put thousands of pounds into A and M Commercials of Telford and later guaranteed its business overdraft. The company subsequently folded, and today Mr Hamburger admitted a statement of affairs showing a deficiency of £2 1,0 0 O. Mr Hamburger, described as quite an experienced businessman, agreed it had been a rash and hazardous speculation.
He said he first became involved by putting cash into the haulage firm, then took over the office running and became a partner. He said he anticipated he would be able to form a limited company with his investment becoming a capital share.