A Rushden Boot Manufacturer Fails “Want of Capital and Bad Debts”
A bankruptcy order having been made in the case of John Arthur Robinson, boot manufacturer, Duck-street, Rushden, the statement of affairs has been issued by the Official Receiver (Mr. J. Osborne Morris). The liabilities are estimated at £625 8s 3d., of which £593 7s 9d is expected to ra??…….The assets are: Cash, £10 13s 3d.; stock, £38 10s., machinery, £79; trade fixtures etc., £13 10s.; deposit with Friendly Society, £1 19s 11d.; and one book debt, £1 4s 6d., making less £2 0s 5d for preferential claims, £142 17s. 3d., and leaving a deficiency of £420 10s. 6d. The debtor ascribes his failure to “want of capital and bad debts.”
The Official Receiver, in his observations states that the debtor was employed in the shoe trade until June, 1919, when he and Frederick A. Corby commenced business in partnership as boot manufacturers, and traded as Robinson and Corby, in Harborough-road and Oswald-road, Rushden. Each partner contributed £80. The business was successful up to Christmas 1921, when a big loss was sustained in connection with a debt of £320, of which only £90 was received. In August, 1922, the partnership was dissolved, and Mr. Corby went out, taking book debts to the value of £30 as his share.
The business was continued by the debtor, who considered that he was then too deficient. He consulted all the creditors, and informed them of the position, and they agreed that he should go on. He borrowed £50 from his wife for this purpose.
In December, 1922, another bad debt involved a loss of £130, and the business had since gradually declined. The debtor admits that he has known since the dissolution of the partnership that he had not sufficient to pay all his debts completely.