BANKRUPTCY OF MILKMAN

Press, Volume LXXI, Issue 21582, 19 September 1935, Page 20

BANKRUPTCY OF MILKMAN

CREDITORS' MEETING A nominal deficiency of £290 2s 4d was shown in the financial statement presented to a meeting of his creditors yesterday by Henry Clifford Chappell, a milkman, of 61 Stourbridge street, Spreydon. '',.„,_ u In his written statement, Chappell said that he had been in business as a milkman for from 10 to 11 years, with varying success. For the first few years business had been quite satisfactory and he was able gradually to develop from a small retail milk-run to the wholesale supply of milk to large cafes and restaurants. This business was also very profitable until about four years ago, when several accounts "went bad." In addition to that the ordinary small accounts on the retail milk-run which he was then conducting through employees showed considerable losses and those losses had further accumulated over the last few years. He had put a considerable sum into the property, which had been purchased in the name of his wife in 1925, and made it particularly adaptable for use in his business. With those various purchases when times were good, he had tied up all his profits in the business, and when the heavy losses started to hit him in 1931 and 1932 he found that he was unable to pay the various accounts against him for the supply of milk from farmers. From that time on he had had one continual run of difficulties, as the large accounts which he was owing were forced on him, and in three or four instances bankruptcy proceedings were threatened against him. He had carried on in thatwwa s for the last three or four years, simply paying every penny possible in the reduction of the debts owing, and being forced to make the payments to the one who was most pressing. Bankrupt attributed his bankruptcy to the heavy losses he had to meet in 1931, 1932, and 1933 leaving him to face very large accounts for supplies of milk from farmers. The financial statement indicated that amounts owing to unsecured creditors totalled £4OB 15s 6d and to secured creditors £IBO. Assets were valued at £llß 13s 2d and there was a nominal deficiency of £290 2s 4d. After bankrupt had been questioned, the creditors present decided to leave his affaire In the hands of the Official Assignee, Mr A. Robertson.