A meeting of the creditors of Bert Scroxton and Sons, motor carriers, Rushden and Higham Ferrers, was held at the Argus Chambers, High-street, Rushden, on Thursday afternoon, when Mr. George, representing Messrs. York, Ward and Rowlatt, Wellingborough, was elected to the chair.
At the outset Mr. Chas. Cattell, accountant, stated that he had drawn up a statement of affairs under the name of Bert Scroxton and Sons, which was the trading name of the firm both before and after the death of Mr. Bert Scroxton last November.
The statement showed the following liabilities:- To unsecured trade creditors, £1,498; to unsecured cash creditors, £220; costs of suing creditors, £31; total £1,749. Creditors fully secured claimed £669, and the estimated value of securities was £1,025, leaving a surplus to contra of £356. Creditors for rent, rates and wages claimed £130 18s.
The assets were shown to be: Stock in trade £10 7s, estimated to produce £10; book debts £448 12s, estimated to produce £358; plant and fixtures estimated to produce £100; lorries and vans £328, estimated to produce £300; surplus from securities in the hands of creditors fully secured, £356, making a total of £1,124. After payment of creditors for rent, rates and wages, assets of £993 remained, leaving a deficiency of £756.
The total amount outstanding to trade creditors of over £10 was £1,329 17s, and to creditors under £10, £168 2s, making a total of £1,498.
Mr. Cattell explained that no figures could be obtained as to the trading since November, 1930, but he had prepared and obtained certain figures from which they could try and estimate the situation. According to a balance sheet drawn up by Mr. Roberts in March, 1929, a deficiency of £851 was shown, an increase from the previous March of £345. Figures giving a rough estimate of the position were made out by Mr. Wainwright in November last year, and again in May, 1931, when there was shown liabilities amounting to £1,464 with assets of £1,198.
Mr. Cattell added that Mr. Wainwright’s figures had been obtained from the uncertain method of addition and subtraction, and in these circumstances it was unfair to place too great a confidence in them. He also gave figures deducting from the assets through depreciation, etc., and estimated that accepting the deficiency as £756, a dividend of 11s in the £ was possible.
It was stated that there had been no entries on the payment side of the cash book since the death of Mr. Scroxton. They had relied only on the bank.
Considerable discussion took place on the alleged inefficient management of the business, some expressing the opinion that if handled properly the business would be a thriving concern.
An offer was made through Messrs. Wilson and Wilson to pay 7s in the £ in three instalments over intervals of three months. The offer was not accepted.
Later two propositions were put forward, one asking the principal to file her petition in bankruptcy, and the other to make out a deed of assignment.
The proposition for a deed of assignment was accepted, and Mr. W. C. Cattell, accountant, and Mr. Hodge, for Messrs. York, Ward and Rowlett, were appointed as joint trustees with a committee of inspection, comprising Messrs. Bendall (North British Rubber Co., Snow Son and Co., and C. C. Wakefield and Co., Ltd.) L. G. Roberts (Messrs. F. Roberts and Co.) and Harrison.
Creditors for amounts over £10 include the following: Anglo American Oil Co., Ltd., Northampton, £350; British Petroleum Ltd., Bedford, £33; Express Transport Services, Wellingborough, £20; Wm. Green, Leicester, £310; Hollingsworth, Northampton, £50; Henley’s Tyre and Rubber Co., Finsbury Square, £25; Kenrick and Jefferson, West Bromwich, £63; North British Rubber Co., Ltd., London, £38; Orriford Garages, Ltd., Leicester, £23; Thomas Palmer and Co., Rothley, Leicestershire, £48; Snowden Sons, and Co., London, £22; Postmaster General, Nottingham, £17; J. H. Trevor, Finedon, £67; C. C. Wakefield and Co., Ltd., London, £13; York, Ward and Rowlatt, Wellingborough, £245; E. Ward, Wellingborough, £17; F. Roberts and Co., Rushden, £153; Michelin Tyre Co., Ltd., Stoke-on-Trent, £10; John I. Thorneycroft and Co., Ltd., London £15; J. T. Parker and Son, Wellingborough, £33; British United Shoe Machinery Co., Leicester, £26.