The creditors of Messrs. Palmer and Surridge, boot manufacturers, Wentworth-road, Rushden, met at Wellingborough on Monday.
Mr. Garrard (Messrs. A. C. Palmer & Co.) presided.
Mr. W. C. Cattell, accountant, said the liabilities included unsecured creditors £1,452 and the partly secured £1,170. The total liabilities were £2,657. The assets were estimated to realise £611, showing a deficiency of £2,046. The business was started in 1918 as trade sewers, and in 1927 the partners bought the shoe-making business of Messrs. Tuffrey, of Rushden, for £725, obtaining an overdraft for the purchase. In August, 1927, there was a fire and the books were destroyed. During the trading from the time of the fire the firm received in cash after the fire £886, plus the salvage.
Mr. Garrard: That fire was practically the liquidation of their debts?
Mr. Cattell: They did not lose anything by it.
The Chairman: They received £886 in cash in September. It is rather curious that in such a short space of time they should be in this position.
Mr. Cattell: They restarted at a very difficult time. They did not believe until this morning they had lost so much.
Mr. Cattell said there was some intention of forming a new company.
Mr. J.C. Parker, solicitor for the firm, made an offer of 5s. in the £.
The Chairman said the estate did not show quite as much as that, and he moved the firm make a deed of assignment, Mr. Cattell to be empowered to sell the estate for a for a sum sufficient to pay a composition 5s. in the £ 2s. in three months, 1s. 6d. in six months, and 1s. 6d. in nine months. This was carried.
As a committee of inspection Mr. Garrard, Mr. J. Radburne, of Rushden, and Mr. W. Campion, of Higham Ferrers, were appointed.