Creditors’ Meeting

  The creditors of Arthur Ellard, trading as J. Ellard and Co., boot manufacturers, Sartoris-road, Rushden, met at the office of Mr. F. Roberts, Northampton, on Wednesday, Mr. C. Tate (Davis and Co., Bristol) presiding.

The Statement Of Affairs

was as follows :-

  Liabilities.  -  Unsecured creditors, £2,714/17/4; creditors for rent, rates, taxes, wages, etc., £50; liabilities on bills discounted, £639/3/1, of which it is expected will rank against the estate for dividend, £35; total, £2,749/17/4.

  Assets.  -  Stock-in-trade, cost £615/8/11, estimated to produce £550; book debts £456/11/0, in hand, £110/10/0; machinery, plant, etc., £550, estimated at £420; total assets, £1,490/1/0; less creditors for rent, etc., as per contra, £50; net assets £1,440/1/0; deficiency, £1,309/16/4; total £2,749/17/4.

  Mr. Roberts added that debtor took over the business on the death of his father about 15 months ago.  There was then£200 to £300 capital in the business.  Debtor borrowed £300 from his mother.  Unfortunately the trading had been

Unsatisfactory

  He had made bad debts, and this and shortness of capital had handicapped him, so that he had found it impossible to go on. Debtor found himself so completely tied up that there was no alternative but to call the creditors together. The deficiency was accounted for within £4 odd. The chief items of the deficiency account were £70 loss on trading from July last year to the present date. £432 loss by bad debts, and £114 for personal drawings. The sales for the past seven months were £7,130, on which the gross profit had been only trifling. Debtor had tried to change the character of his trade from dealing with retailers to dealing with whole-salers, but the result had proved serious.

The Absured Profit

of 4 per cent, only had been made, and the recent fire caused great loss.

  The Chairman observed that it could not be said it was through extravagance that Mr. Ellard failed.

  Mr. Roberts said the debtor had tried his very best, but taking everything into consideration, he now thought there was no possible chance for him, and he therefore made no offer. He intended to take a situation.

 It was resolved to wind up the estate under a deed of assignment to Mr. Roberts, with a committee.