DEFICIENCY OF £528

Press, Volume CI, Issue 29956, 18 October 1962, Page 19

DEFICIENCY OF £528

Bankrupt Meets Creditors A deficiency of £528 17® 8d was shown in the statement of affairs of Karl William Athol Millian, a labourer, read to a meeting of his cerditors. Millan, a married main with eight children, was adjudged bankrupt on October 2. There was not a quorum and the meeting was adjourned sine die. Mr D. Malcolm, agent for the Official Assignee (Mr O. T. Grattan), said that Millan’s statement of affairs showed his total debts as £968 6s 8d and his assets as £439 9s.

For 15 years until the end of November, 1961, he had carried on his own business as a drainage contractor, said Millan in a statement of the causes of his bankruptcy. Three or four years agio his health deteriorated. At the end of November, 1961, he was involved in a serious motor accident. For some months before that his business had been deteriorating and he had dispensed with most of his staff.

In the early part of 1962 he got a job in a wool store and later he got a job with the City Council as a labourer. Up until April 17. 1962, it seemed likely the insurance company would refuse to make any payment in respect of the car but ultimately a settlement was reached by which the value of the car was fixed at £950. This was considerably less than he thought the car was worth, said the statement. The amounts owing on the car under a hire purchase agreement and for repairs were deducted and finally his solicitors received £350. His wife had put £374 towards the purchase of the car. Tax Claims Various amounts had been claimed by the Inland Revenue Department for provisional and terminal tax but in view of his low income from the beginning of 1961 he doubted whether any tax was owing. “I attribute my bankruptcy first, to my heavy domestic responsibilities. I have brought up e,:~h.t children, the eldest of whom is 19 and the youngest throe. I have five children still at school. Second, due to my state of health and the general recession in the building industry, I was not able over the last two years of my business to earn what I had previously earned. If I had been able to keep up my income I would have had no trouble in meeting my commitments.” said Millan's statement.

Millan, replying to questions by Mr Malcolm, said he was bom on June 5, 1914 He did not know how much a year he drew from the business. For 12 months or more before the accident he was aware he owed money. The car cost £1275. It was about two years since he employed labour.