BANKRUPT BUS, OWNERS.

New Zealand Herald, Volume LXIII, Issue 19328, 15 May 1926, Page 14

BANKRUPT BUS, OWNERS.

CREDITORS DISSATISFIED. A LOWER HUTT SERVICE. [r,Y TELEGRAPH. —PRESS ASSOCIATION.] WELLINGTON. Friday Point is given to one of the main arguments against competition by irresponsible bus owners with transport lines already established, such as trams, by a case now before the official assignee.

Two young men started running buses in June, 1924, at Lower Hutt, and are now bankrupt, with a. deficiency of £529. One of them tried to blame the state of the roads for the losses, but the creditors did not consider that a. satisfactory statement of accounts had been tendered, and one of them said that the men had shown a wanton disregard of their obligations to their creditors.

The assignee said the position was unsatisfactory. They were £SOO in debt and could give no statement. A creditor added that it was quite evident there was a substantial leakage somewhere, and that the frequency of bankruptcies was becoming alarming.

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