A meeting of creditors of Mr. Leonard Hodson, boot manufacturer, 14, Crabb-street, Rushden, trading as Hodson & Co., was held on Monday at the offices of Messrs. Simpson and Mason, Rushden.
The statement of affairs showed liabilities £464 10s. 2d., of which £90 was in respect to a cash loan by Mrs. C. Hodson, mother of the debtor. The assets included: Cash, £4 17s. 3d.; sundry debtors, £56 1s. 8d.; stock, £44 7s. 9d.; plant and machinery, £23; and surrender value of life insurance policy, £7. Deducting £1 for rent, the net assets amounted to £134 6s. 8d., leaving a deficiency of £330 3s. 6d.
It appeared that the debtor and his father, Mr. C. Hodson, were directors of the late company, C. Hodson & Co., Ltd., Rushden, which went into liquidation in 1920. The debtor during his trading experience made a number of bad debts, amounting in all to over £500, which fully accounted for the deficiency and the loss of capital.
A resolution was passed accepting a composition of 5s. in the £ by instalments 2s. in 14 days, 1s. 6d. at three months, and the remainder at six months. The arrangement was accepted subject to the cash creditor waiving her claim until the composition was paid in full, a deed of composition to be executed to Mr. H. Claude Palmer, F.C.A. (Messrs. A. C. Palmer & Co., chartered accountants, Northampton).