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Advance Boot Co. Ltd.

Rushden Echo, 23rd March 1923, transcribed by Kay Collins

In liquidation

A meeting of the creditors of the Advance Boot Co. Ltd., boot manufacturers, Rushden, will be held on Wednesday next at the offices of the Leicester Trade Protection Society. The company was registered on April 19th 1917, to carry on business as boot manufacturers, etc.

In June 1917, it acquired from G H Clarke and C W Horrell, the business carried on by them at Rushden as the Advance Boot Co., the consideration being £2,470 (£2,000 in shares and £470 in cash), the company also agreeing to discharge the liabilities. The authorised capital is £2,000 in £1 shares, all of which have been issued. In April 1921, a mortgage was created to secure all money due from the company to the National provincial and Union Bank of England Ltd., charged on freehold factory and premises near High-street, Rushden. Apart from this contingent and fluctuating charge, there are no mortgages and charges. The directors are G H Clarke (managing director) and F Clarke. The shareholders in March 1921, were G H Clarke, The Cottage, Rushden (1,950) and F Clarke, Red Lion Inn, Yardley Hastings (50).

Rushden Echo, 6th April 1923, transcribed by Kay Collins

Serious Failure of Rushden Firm
Crippled By a Heavy Trade Debt
Deficiency of £6,766

Under the voluntary liquidation of the Advance Boot Co. Ltd., boot manufacturers, Rushden, the statutory meeting creditors was held on Wednesday week at the offices of the Leicestershire Trade Protection Society. Mr. Brunton (Messrs. Hugh Brown and Son) presided.

Mr. Herbert Simpson, solicitor for the company, explained that the immediate cause of the present position was the failure of Radzanov, Salford, who owed the company over £2,000. A contributory cause was the depreciation of stock.

The statement of affairs presented by the liquidator, Mr. Watson (Messrs. Watson and Meller, accountants, of Leicester), showed unsecured liabilities, £7,080 10s. 10d.; director's loan and salary, £1,225 16s. 6d.; partly secured creditors £3,670 15s. 3d., less value of security £2,100, leaving £1,570 to rank, and making total unsecured liabilities £9,876 7s. 4d. The assets consisted of book debts, £545 15s. 6d.; stock, machinery and plant (per estimate of Mr. Arthur Colin), £2,700; and preferential claims £36 1s. 5d. The net assets totalled £3,109 14s. 1d., showing a deficiency of £6,766 13s. 3d.

Mr. Watson said that Mr. G. H. Clarke, the managing director, originally bought the premises for £475 and sold them to the company two years ago for £1,000; which he received in promissory notes and subsequently handed to a creditor. He therefore lost everything. Bills from Radzanov for £1,251 were also passed to creditors, and were now added to the liabilities.

A resolution to continue the liquidation with Mr. Watson as liquidator was carried. An advisory committee was appointed consisting of Mr. T. F. Birch, J. Green, and Mr Brunton.

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