The Rushden Echo, 9th September 1927.
A Rushden Grocer’s Liabilities
First Meeting Of Creditors At Northampton
Bad Trade And Bad Debts
The first meeting of creditors of Arthur Sanders, of 58, Sartoris-road, Rushden, was held at Northampton last Friday, before the Deputy Official Receiver (Mr. P.J. McLellan).
The statement of affairs showed estimated liabilities amounting to £362 0s 9d and a deficiency of £331 2s 9d. Of the 35 unsecured creditors, the following among others, proved their claims; Mr. E Poole, Northampton, £10; Messrs. J. Cotton &Co., Kettering,£13 5s 10d; Mr. W. Lees, Northampton, £38 14s 6d.
The Official Receiver said that the receiving order and order of adjudication were made on Aug. 22nd., and at this date two creditors had obtained judgment for sums amounting to £26.
The debtor, aged 22, was formerly employed, said Mr. McLellan, as a grocer’s assistant in Northampton. On April 1st, 1925, he commenced business on his own account as a grocer and confectioner at Rushden with a capital of £100. Half of this was given to him by his mother, and £50 borrowed from a brother. The latter sum was repaid in January, 1926.
Of the unsecured liabilities, £54 represents a bank overdraft. The bankers state they will not prove against the estate for this amount as the account is guaranteed. The Official Receiver is informed that the guarantor will relinquish his claim against the estate. The balance of the liabilities is for goods supplied in the way of trade. The alleged cause of failure is “Keen competition, bad trade, and bad debts.”
The matter was left in the hands of the Official Receiver.
The Rushden Echo, 14th October 1927.
A Rushden Grocer’s Failure
Said Other Tradesmen Should Have Warned Him
People “Dug Into His Ribs”
A Rushden grocer was questioned at Northampton Bankruptcy Court last Friday before Mr. J. Hicks, the Registrar, and his main complaint was : “The other tradesmen did not warn me as I should have done them. They seemed to be rather sending them to me, and they all came.”
Arthur Sanders (22) grocer, of 53 Sartoris-road, Rushden, was the bankrupt, and he admitted a deficiency of £331 2s 9d. and liabilities being expected to rank at £362 9s. and the assets at £30 8s.
The debtor stated that about 1924 he was employed as a grocer’s assistant in Northampton for eight months, and then he had to undergo hospital treatment. On April 1st, 1925, he began business on his own account as a grocer and confectioner at 58 Satroris-road, Rushden, with a capital of £100, £50 of which was given to him by his mother. The remainder he borrowed from his brother. The latter sum he repaid in January, 1926. His father was the tenant of the premises where he carried on business, and his father allowed him the use of a front room for business purposes at a rent of 2s. a week.
Debtor said he had paid no rent for twelve months. Of the unsecured liabilities, £54 represented bank overdraft. Since he had been in the business he had lost £331. Competition had been very keen, and he had to sell goods at cost price. He had also let people have credit recklessly, and these people had “dug into his ribs.” Travellers worried him almost to death until he gave them an order, and they “stacked his shop full.”
The examination was adjourned until Nov. 11th.