The creditors of H. Claridge and R. Noble, trading as Claridge and Noble, boot manufacturers, Moor-road, Rushden, met on Friday last at the offices of Mr. F. Roberts, accountant, Northampton. Mr. Roberts submitted the statement of affairs:-
Liabiliteis: Unsecured creditors, £1,108/15/8; creditors for rents, rates, taxes, wages, etc., £9/10/0; liabilities on bills discounted, £18/9/6, of which it is expected will rank against the estate for dividend£1,108/15/8.
Assets: Stock-in-trade, £370/5/2, estimated to produce £280; book debts, £175/17/4, estimated to produce £160; cash in hand, £4/2/0; machinery, plant, etc., at £150/10/0, estimated at £100total, £544/2/0, less creditors for rent, etc. (per contra), £9/11/0. Net assets, £534/11/0. Deficiency, £574/4/8.
Mr. Roberts explained that the debtors commenced business in 1908 with a capital of £140, made up to £70 each. Their trade had been mainly with factors, and had not been successful. The turnover in 1909 was £1,800; in 1910, £4,100; and from then to the present, £4,600. They had traded at a loss, the gross profit not being sufficient. The trading account shows a net loss of £221.
After discussions [noted in more detail]:
It was decided to realise the estate as speedily as possible, the debtors being requested to execute a deed of assignment to Mr. Roberts, with Messrs. Tomlin, Wall, and Radbourne as a committee of inspection.