Donald Douglas Cox, carrier, “Stonehurst,” 145, High-street, Rushden, came up for his public examination on Tuesday at the Northampton Bankruptcy Court.
The liabilities expected to rank were £824 14s. 6d., and the assets £116 7s. 8d., leaving a deficiency of £708 6s. 10d.
Debtor attributed his failure to “hiring lorries and general depression in the boot trade.” Up to August, 1914, he was a stockbroker’s clerk in London, and, being a Territorial, was mobilised on the outbreak of war and served overseas. He demobilised as a lieutenant in 1920. With two friends, he formed a private limited company called “The Bulk Transport Company.” Debtor was secretary, and the two other parties directors of the company. The nominal capital was £10,000. Debtor provided £100. The company commenced operations in 1920 with five motor-lorries. It was successful for a time, but business failed, and the company was wound up in March, 1921. The creditors were paid in full through the help of a relative of one of the directors. Debtor received £100 at the winding-up. In April, 1921, debtor borrowed £161 from a friend, purchased a motor-lorry on the hire-purchase system, and he worked the lorry between London and Rushden. He moved his residence from London to Rushden. On his getting behind with payments for the lorry, the owner took possession of it. Debtor then hired lorries until November, 1922, and eventually purchased one for £100, of which £70 was still owing. The carrying business fell off owing to depression in the boot trade. When debtor took over the tenancy of “Stonehurst” he agreed with the prior tenant to pay £175 for certain improvements which the tenant had made. In consequence of his inability to keep up the payments on account of the agreement, a writ was issued against him for £175 and costs. He then filed his petition.
The examination was adjourned until April 10th.
Subsequent to the examination the meeting of creditors was held at the office of the Official Receiver, who presided. The matter was left in the hands of the Official Receiver for administration.