|Wellingborough News, 8th January 1892, transcribed by Kay Collins
SHOE TRADE FAILURE—A private meeting or the creditors of West and Childs, boot manufacturers, of Rushden, was held on Wednesday afternoon, December 30th, at Rushden, Mr. Ashdowne presiding. The statement of affairs submitted showed liabilities to unsecured creditors, £1,424 5s.; creditors partly secured, £380; estimated value of securities, £180; total liabilities, £1,624 5s. Assets: Stock-in-trade and machinery £650, estimated to produce £400; book debts £355 7s. 3d., estimated to produce £326 17s. 3d.; estimated dividend on Robinson's estate, £70; total assets, £796 17s. The cause of the stoppage of this firm was the suspension of one of their principal buyers of the name of S. Robinson, in whose estate they were interested (£857), which rendered it impossible for them to continue the business in its present condition, and they felt that it was their duty to immediately consult their creditors as to the best course to be pursued under the circumstances. The result of this meeting revealed that the debtors had conducted their business straight-forwardly and that it was an unfortunate transaction; and after discussion, it was proposed by Mr. C. Cunnington, seconded by Mr. J. Newman, "That the debtors' offer of 12s. in the £, payable in three equal instalments at three, six, and nine months, the last instalment to be secured to the satisfaction of Messrs. Cunnington, Newman, and Ashdowne, the first instalment to become payable on April 4, and that the resolution be forwarded to absent creditors for their assent, and that failing the arrangement being carried through within fourteen days, that the debtors should take steps to protect the estate, in the interest of creditors." The creditors interested above £10 are:—Morton and Sons, Glasgow, £102 17s. 11d.; Matthews and Sons, London, £95 15s.; J. Newman, Kettering, £187 17s. 9d.; Evans Brothers, Sittingbourne, £68 14s. 6d.; Brice and Co., Northampton, £57 9s. 4d.; C. Cunnington, Rushden, £325 6s. 6d.; Phipps and Son, Northampton, £20 18s. 2d.; Northampton Union Bank (partly secured), £380; International Leather Company, London, £20 19s.; Pettitt and Son, Northampton, £12 7s. 4d.; A. Andrews, £17 11s 5d.; J. Collier, Northampton. £51; Lilley and Skinner, London, £147 14s. 9d.; Lindrea and Co., Bristol, £35 5s.; J. Borwick, £80 14s. 3d.; Newton, Gough, and Co., £80 14s. 3d.; T. Barnes, Northampton, £42 18s. 9d.; C. Pettit, Harrold, £30 19s.; B. Anderson, Leicester, £11 11s.; A. Schulze, £12 6s. 9d.