TAXIMAN'S FAILURE

Evening Post, Volume CXI, Issue 64, 17 March 1931, Page 7

TAXIMAN'S FAILURE

DEFICIENCY OF £333

A meeting of creditors in the estaW of Merlin Edinborough Chamberlain, taxi proprietor, was to have been held . yesterday afternoon, but lapsed for t want of a quorum. The bankrupt, in his/ sworn state-ment,-said that his failure-dated back to August, 1929, when he bought a car for £975. At that time, he had two other cars, on one of which £.205 was owing. This was paid by the company which sold the new car, as part of a' 1 trade-in price of £450 for one of the other cars. His reason for buying sn." . > expensive car was that he had touring work in view, and expected it to pro* ' duce a considerable amount of revenue. Owing, however, to the depression and the Murchison earthquake hit ' expectations were not realised. Extern sive repairs were necessary, and the company paid the bill and took a lien, for nearly £200 on the other car, which " < was eventually sold. The, new car was I very expensive to run, and the taxi , business fell off vevy rapidly until at ? last the car was taken from him. After < being out of work for 'some weeks, ha t] bought a car on a deposit of £50, part j of which he borrowed, in the hope of i making enough money to pay his creditors 5s in the £. When he filed he \] had paid back the borrowed money. '■] Unsecured; creditors were shown at 4 £.388 8s 4d,'.tho principal creditors be- ' 'i ing Wright, Stephenson, and Co., Ltd., ■-! £215 and £31 Is 6d; British Inter- j national Oil Co., Ltd., £22 17s 6d: f Petrol Supplies, Ltd., £25 9s 4d; T. Jl ,'! Pinney, Ltd., £20. Furniture tra& - i estimated at a value'of £55 leaving a,* '■ deficiency of £333 8s 4d. j The bankrupt said that lie had re» j paid £20 which he had borrowed to - * acquire the last car. < The Official Assignee (Mr. 8. Tans- ■ ley) said that the,.inan who lent the' j money had no more right to it thanl j the other creditors. . The bankrupt was really under a moral obligation to re- , -! pay the monoy,;but it was what ih» law said that mattered. Even if the creditors were successful in recovering the money it would probably cost from £10 to £15' to get it. There was nothing in tho estate. , The meeting was adjourned sine die.