Bamford Crash Caused Haulier's Failure
Page 46
If you've noticed an error in this article please click here to report it so we can fix it.
AN echo of the 1956 Bamford fraud /-1 case was heard at Derby Bankruptcy Court, last week, when a fanner haulier and fruit merchant described how his business ventures had failed. Mr. William Leonard Saxton, Watkinson Street, Heanor, Derbys, said that in 1954 he controlled Len Saxton (Fruit Merchant), Ltd., and was persuaded by Eric Ea.rles Bamford to enter the haulage industry. He was supplied with lorries on hire purchase by one of several companies Bamford controlled, and he entered into agreements for lorries from other sources. Soon, however, Bamford's companies ran into serious difficulties, and Bamford was himself declared bankrupt in 1955. As a result, Mr. Saxton's own haulage company was seriously prejudiced.
Within 18 months all his 21 vehicles had been repossessed by the finance cornpanies—a loss to him of £22.706. His E2 haulage activities ceased, and he directed all his attentions to the fruit company. but pressure from creditors resulted in this being wound up by the High Court last month.
Mr. Saxton agreed with the Official Receiver, Mr. E. C. Stimpson, that he had known of his insolvency since last January, but claimed that he had tried to become solvent by carrying on. He a dmit t ed gross liabilities of £14,232 12s. 8d,. expected to rank at £12,248 ls. 4d., and net assets of £364 I ls. 8d.
Adjourning the hearing to a date to be fixed, the Registrar said it was obvious that there were several matters which would have to be investigated before the examination could be concluded.
In June, 1956, Eric Earles Bamford was sent to prison for seven years for frauds involving £3 l 8,000.