A statement of affairs has been issued of Francis James Cooper, residing at 57, High-street South, Rushden, grocer, draper, and general stores dealer. It shows unsecured liabilities £150 14s. 5d., with net assets £25 6s. 6d., and deficiency £125 7s. 11d.
Mr. J. Osborne Morris (official receiver) said that debtor, who was 37 years of age, started business nine years ago with £2 10s. as a confectioner, and was fairly successful, increasing his income by shoe work. After several years he became, in addition, a shoe manufacturer in Church-street, Rushden, with a bank overdraft of £250, which was increased on a relative's guarantee. The guarantee was withdrawn two and a-half years ago, when difficulties arose with the relative, and a deed of assignment was executed by him for the benefit of the creditors, who received a dividend of 10s. 9d. in the £ on £3,482 1s. from the trustees. The general stores business was not interfered with, and was fairly successful up to Christmas, 1921. In August, 1922, although insolvent, he continued trading in the hope of improvement, but he had been pressed by creditors, some of whom had been satisfied. Debtor was advised to file his petition when, at the date of the receiving order, several debtors were suing. No books of accounts had been kept since the deed of assignment. The wife claimed the household furniture.