Yesterday a meeting of the creditors of Mr. C. E. Featherstonhaugh, heel builder, 8, West-street, Rushden, was held at the offices of Messrs. A. C. Palmer and Co., chartered accountants, St. Giles-street, Northampton.
The statement of affairs showed that there was due to unsecured creditors £342/14/11. On the assets side there was stock estimated to produce £68. Of this £60 worth was in the care of the Great Northern Railway Co., at Leicester. Book debts were estimated to produce £37/17/- out of £39/16/10 on the books. Machinery and plant was estimated at £85. Thus the total assets, less creditors for rent, etc. (£15/6/8) were £185/2/10, leaving a
Mr. A. C. Palmer said that among the creditors were Messrs. J. Whitehead and Co., Leicester, £92; Messrs. MacStruck, Leicester, £72; Messrs. W. Pearce and Co., £52; British United Shoe Machinery Co., £32; Northampton Supplies Co., £12; Wells Co., Ltd., Leicester, £11; Messrs. Featherstonhaugh and Co., Ltd., Irthlingborough, £21; Messrs. Lane and Hulett, Kettering, £24. The only creditors fully secured were the British United Shoe Machine Co., who had a hire purchase agreement in respect of a sectional cutting press costing £28, on which the claim was £18. On the assets side of the book debts were good ; the plant had cost over £200, and; if they were fortunate enough in getting a purchaser for the business it
than it was estimated for in the statement, Mr. Featherstonhaugh was formerly with a firm of shoe manufacturers, and about 18 months ago commenced the heel-building business. He had £23 in the bank on private account; he had land deeds which he deposited with the bank for an overdraft. The property had recently realised £340. in addition his wife raised £400 by mortgage, of which £390 went into the business. So that there had been over £600 of debtor’s and his wife’s lost in the business. An abstract of account prepared by Mr. Palmer showed, among other items a loss in trade of £290, and debtor’s own drawings £109 for the period from June 12, 1909, to Sept. 13, 1910. The loss on trading was in consequence of contracts entered into before the rise in price of leather. Everything, said Mr. Palmer, was
and the debtor appeared to be an honest man.
There was some discussion regarding a parcel of leather from Messrs. MacStruck, invoiced on June 27, at £72/14/7, the delivery of which debtor had refused. The leather was in charge of the G.N.R. Co. at Leicester.
It was decided to add Messrs. MacStruck to the list of creditors, and the leather was estimated to be worth £60.
The meeting resolved to call upon the debtor to execute a deed of assignment to Mr. A. C. Palmer, trustee ; that an attempt be made to sell the business as a going concern ; and that the G.N.R. Co. be called upon to deliver the leather invoiced to debtor.
The following committee was appointed:- Mr. M. E. Whitehead (Messrs. J. Whitehead and Co.), Mr. C. Pearse (Messrs. W. Pearse and Co.), and Mr. H. Lane (Messrs. Lane and Hulett).