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The Onedin Line episodes
Title: When My Ship Comes Home
Original air date: 9 December 1971
Writer: David Weir
James Onedin charters the clipper Maisie Anges from Callon to pick up a cargo in Gibraltar (for which he mortgaged the cargo of the Charlotte Rhodes). On the return journey, the captain picks up all sorts of goods, including gunpowder, which blows up and sinks the ship...

This time, James Onedin has insured ship and cargo, but Mr Chubb of the insurance company claims it's invalid because there should have been a separate insurance for the gun powder. Assuming that the Onedins are broke, Callon pressures Robert Onedin to sell his shop (which stands in the way of his plans for a new dock); but when Robert mentions that the Onedin Line is a limited company, Callon's son explains that in a limited company the liability of its directors (being James Onedin and Robert Onedin) is limited to the amount of its share capital. If Callon sues, he bankrupts the company, but not James and Robert.

Also, the possessions of the company will be divided among the creditors, and he assumes that James Onedin will have made sure the biggest debtor will always be his other company, Onedin Warehousing. So Robert Onedin doesn't sell the shop and Callon decides not to sue, assuming James Onedin will not accept bankruptcy, but keep on fighting, even though he no longer had the means to do so. And indeed he does, but he acquires the means by 'stealing' the Charlotte Rhodes and sails off with several hundred pounds he collected from friends and family (plus 100 from a money lender, causing him to sigh "I never signed my life away before"). With this money James Onedin buys a load of weaponry to sell to rebels (not against England, Anne makes sure), giving him a profit of 2000, with which he can easily pay off Callon. He assumes that having effectively stolen the Charlotte Rhodes will not cause him any problems now that he is a 'man of substance' (i.e., he's got money).
Text source: Wikipedia
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