A meeting of the creditors of Ainge and Haseldine, boot manufacturers, Rushden, was held on Friday afternoon at the offices of Messrs. Simpson and Mason, solicitors, Rushden, over which Mr. D. B. Gardner (Brice and Co) presided. Mr. G. S. Mason, in presenting the statement of affairs, said the debtors consulted him on Tuesday, having been served with a writ for an account owing to Mr. C. J. Cunnington, and, in addition to this, there were several county-court actions against them – in fact one of the creditors, Mr. A. J. Andrews, got in possession on Wednesday, and would have to be paid out in full, and the others were in waiting. Therefore he telephoned to Messrs. Brice and Co., one of the largest creditors, with the result that Mr. D. B. Gardner went over, and, to protect the estate, an assignment was made to him of the whole effects. He instructed the debtors to take stock carefully, which showed the liabilities to be £592 17s 3d, with assets equal to about 11s in the £. On the list of creditors, however, being read out, it was found that some had been omitted, and the debtors had included in the assets various securities which had been given to some of the creditors, viz., customers’ bills and assignments of certain book debts, and upon the statement being amended it showed liabilities to unsecured creditors £672, with assets consisting of book debts, stock and machinery, after payment of preferential claims, £284 0s 8d; deficiency, £388 18s 11d. The debtors commenced business in July, 1893, with a capital of £30 each. Hazeldine had expressed the intention of not continuing in business, preferring to go as a journeyman. Ainge was called in and was questioned as to the assignment of book debts, which, he stated in reply, was made five weeks ago, and he was not aware of his insolvency until he took stock this week, notwithstanding several of their creditors were pressing them. In reply to the query as to what offer he was prepared to make, he expressed himself as willing to pay 7s 6d in the £. This was not considered sufficient by some of the creditors, who thought at least another 6d in the £ should be forthcoming, and during the discussion which ensued the debtor remarked, “I don’t want to be hard on you, gentlemen; if another 6d will bring us together, I’ll meet you by paying another 6d.” It was resolved that a committee of inspection, consisting of Messrs. C. Phipps, C. J. Cunnington, and J. Crawley, should investigate the valuation, and, if found satisfactory, the trustee should be empowered to sell the estate for a sum sufficient to pay 8s in the £ in three equal instalments. Failing the security being forthcoming in seven days, the estate to be realised under the deed.