The first meeting of creditors was held yesterday at Bankruptcy-buildings under a receiving order made against Maurice Allan 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 round 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 realize more then a few hundred pounds. The debtor had said that from 1902 to 1921 he was in the banking profession, and afterwards was 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 round the world by motor-yacht. He found the money for the purchase of the yacht at £10,500, on the 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 5 per cent., plus a bonus of £5,000. The fees paid for passage money, insurance,.&c. 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.
A resolution was passed for Mr. F S. Salaman to be trustee and administer the estate in bankruptcy.