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The Rushden Echo, 19th  October, 1923
Mr. L. Hodson’s Affairs

Shoe Trade Failure At Rushden
Deficiency Through Bad Debts

  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).

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