A further meeting of creditors was held yesterday at Bankruptcy Buildings under a Receiving Order made against Maurice Alan Robinson, of 47 Victoria Street, Westminster.

Mr D. Williams, official receiver, reported that the liabilities amounted to about £50,000, including £10,089 deposited by various persons for a projected tour around the world in the motor yacht "Westward."

The assets included the equity of redemption in the yacht and other items, and were not expected to realise more than a few hundred pounds.

The debtor had said that from 1902 to 1924 he was in the banking profession, and afterwards as Managing Director of a textile company. In April 1924 he agreed to support financially Commander C. H. Lightoller in that gentleman's projected scheme for a tour around the world by motor yacht.

He found the money for the purchase of the yacht at £10,500 on security of his shares in the textile company, and registered the Westward Navigation Company, M. A. Robinson, proprietor.

The expense of fitting and reconstructing the vessel was estimated at £70,000, to meet which the debtor executed a mortgage over the hull of the vessel for £45,000 at five per cent, plus a bonus of £5,000.

The fees paid for passage money, insurance, etc, were devoted to the same purpose and had been absorbed in the expenditure on the yacht.

In September the mortgage was called in, and that ruined the whole business; in order to retrieve the position the debtor had recourse to moneylenders, to whom he now owed £7,000, but his efforts were unsuccessful.

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