The statement of affairs re Samuel Lantaff and Arthur James Brawn, trading as Lantaff and Brawn, carriers, Rushden, shows unsecured creditors £102/7/3, assets £15/15/0, deficiency £92/12/3. No liabilities are disclosed by the debtors in their respective separate estates, but Mr. Lantaff estimates the value of his furniture at £5, life policy at £1, and Mr. Brawn values his furniture at £1. Causes of failure as stated by the debtors are:- Want of capital, losses on horses, slackness of trade, and competition.
The Official Receiver’s observations are:-
The receiving order was made on Oct. 29th on the petition of the debtors themselves, and they were adjudged bankrupts on the same day on their own application. Two creditors for £2/7/4 were suing.
The debtors (age 42 and 35 respectively) commenced business in partnership on Dec. 2nd. 1912, as carriers. Neither of them had any capital of their own, but borrowed £70 from a friend, which amount is still owing. In addition to this, Brawn received £75 under the Workmen’s Compensation Act for injuries sustained while at work. He states that £55 of this money has been used in the business between March and September, 1913. The debtors, before they commenced business on their own account, were engaged respectively as an ironmonger’s porter and a shoe operative.
The books of account produced are cash book and parcels book.
Of the total unsecured liabilities £71 is in respect of money advanced, as mentioned above. The rest of the liabilities are for corn, printing, and for horse hire.
The debtors state that they first became aware of their insolvency in January last, and have incurred a few debts since then for horse hire, etc.