Affairs of Rushden Firm A Slump in the Shoe Trade
Unfortunate Resort to a Moneylender
A statement of affairs of Messrs. A. Lilley and Sons, leather dressers of Rushden, has been issued by the Official Receiver, showing gross liabilities of £1,108 1s. 4d., of which £499 11s. 4d. is unsecured, against assets ….
In his observations, the Official Receiver states that Alfred Lilley in 1914, with £300 capital, started business on his own account, and a few months afterwards removed to Beech-road and took in his son as partner. The son put in £150. They considered they did well until 1920, and bought the factory and house for £708, advanced by the bank. The slump set in, and in 1922 debtors knew they were insolvent, but struggled on. Last February they borrowed £70 from a money lender, and, not keeping up payments, they were sued and execution put in. Another execution led them to file their petition. Debtors have no separate assets, and all the furniture is claimed by the wife of Claude Lilley.