Rushden Echo & Argus, 3rd March 1939
Boot Firm Liquidates - Creditors of Rushden Company Confirm Winding-up
Creditors of Messrs. Robinson (Grove-road), Ltd., shoe manufacturers, Grove-road, Rushden, meeting under the chairmanship of Mrs. S. A. Robinson at the offices of Messrs A. C. Palmer and Co., chartered accountants, Northampton, on Monday, confirmed a resolution of an earlier meeting of shareholders appointing Mr. A. C. Palmer as liquidator for the purpose of winding up the company’s affairs.
The company ceased manufacturing last July, and on December 1 the debenture holders appointed Mr. Palmer as receiver, while on February 16 a meeting of the directors resolved that the company should go into voluntary liquidation.
The statement of affairs presented to Monday’s meeting showed unsecured creditors at £1,478 and net assets of £215, the deficiency being £1,263.
It was stated that the company was incorporated on April 26, 1937, acquiring the assets of the shoe manufacturing business previously carried on by W. and G. E. Robinson, trading as Robinson Bros. This partnership had previously executed a deed of assignment to Mr. Palmer and their creditors had been paid a compensation of 10s. in the £.
A circular sent to creditors after the meeting stated "Creditors must appreciate that the prospect of dividend must be deferred owing to the prior claim of debenture holders and the difficult nature of part of the unrealised assets."