Rushden Echo, 6th September 1912
Petition in Bankruptcy - Re Mr. G. A. McLeod
A receiving order in bankruptcy had been made in the affairs of Mr. George Anderson McLeod, jeweller, of High-street, Rushden, on the debtor’s own petition. The first meeting of creditors will be held on Sept. 11th.
The debtor’s statement of affairs shows:- Liabilities £841/2/5 (unsecured creditors £745/14/10, partly secured creditor £95/7/7); assets, £337/5/0/; deficiency, £503/17/5. The causes of failure as stated by the debtor are:- “Want of capital, and my drawings from the business exceeding the net profit.”
The Deputy Official Receiver’s Observations are:- The debtor (age 40) states that he commenced business at 76 High-street, Rushden, on the 8th August 1900, with a capital of £300 left to him by his mother. The business had previously been carried on by his mother-in-law, and the debtor agreed to purchase it from he for the sum of £1,100, made up as follows:- £800 loose stock-in-trade, £200 trade fixtures, and £100 goodwill; the purchase money to be paid in the following manner:- £300 on the execution of the agreement, and the balance of £800 to remain unpaid for two years, the debtor giving a promissory note for that amount, together with interest thereon at the rate of £6 10s.0d. per cent. per annum, payable half-yearly. The debtor states that he only paid £60 on account of the £800, together with £52 interest each year up to the 16th April 1908, when a sum of £50 was accepted in full discharge of all moneys owing under the agreement, and a release given to the debtor from all further liability thereunder, so that in all the sum of £826 has been paid under the agreement, viz.:- £300 on signing the agreement, £416-eight years’ interest at £52 per annum, £60 payment on account, and £50 in discharge.
From 1906 to 1909 the debtor also carried on business at Raunds. He states that he does not consider he lost any money during the trading. Prior to the year 1900, the debtor was in the leather trade in London and elsewhere.
The debtor states that he first became aware of his insolvency about four years ago, when he prepared a balance sheet, and that he went on trading in consequence of the liability of £800 being disposed of. About six months ago he states he prepared a rough statement of his affairs at the request of one of his creditors, which showed that he was insolvent. He has therefore continued to trade for six months after knowledge of insolvency, but he states that he does not think he has increased his liabilities since then.