Prisoner’s bankruptcy
Loss of income because of a prison sentence, Inability to collect business debts, and lack of experience in business management were the reasons given for his bankruptcy by Donald Angus Taylor ,aged 28, at a meeting of Ills creditors yesterday. Taylor, a divorcee, who is in prison awaiting retrial on charges of burglary, showed a deficiency of $2634 in his finances. Liabilities were $2785, and assets $l5l. The liabilities were incurred by two weather-coating businesses, J. D. Fenton and Company, and Taylor Coatings, that the bankrupt traded as between March and August, 1972. Mr L. Anderson, who was the chairman at the meeting, said that he was not satisfied with some of the answers given by Taylor. “In my opinion, one of the causes of your failure was poor judgment in expecting to survive without appreciable capital, and using considerable loans.” No motions were taken, and the meeting was closed.
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Press, Volume CXIII, Issue 33382, 14 November 1973, Page 19
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152Prisoner’s bankruptcy Press, Volume CXIII, Issue 33382, 14 November 1973, Page 19
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