Reported Large Failure at Wollaston

Yesterday (Thursday) a meeting of the creditors of Frederic Shelton, boot and shoe manufacturer, Wollaston, was held at Mr. E. P. Steed’s offices at Leicester, when there was a large number present. The statement of affairs showed unsecured creditors to the amount of £4,732; creditors for rents, rates, and taxes, £16. The stock was estimated at £648, the book debts at £153, and machinery £234, thus leaving a deficiency of £3663. Mr. J. T. Parker, solicitor, Wellingborough, represented the debtor, and offered a composition of 4s. in the £ payable by two instalments at three and six months, the second one to be secured. After discussion a resolution was passed to accept the offer, but if arrangements were not carried out the estate was to be wound up under a deed of assignment which has already been executed by the debtor.