Mr. Garrard (Messrs. A. C. Palmer & Co.) presided.

  Mr. W. C. Cattell, accountant, said the liabilities included unsecured creditors £1,452 and the partly secured £1,170.  The total liabilities were £2,657.  The assets were estimated to realise £611, showing a deficiency of £2,046.  The business was started in 1918 as trade sewers, and in 1927 the partners bought the shoe-making business of Messrs. Tuffrey, of Rushden, for £725, obtaining an overdraft for the purchase.  In August, 1927, there was a fire and the books were destroyed.  During the trading from the time of the fire the firm received in cash after the fire £886, plus the salvage.

August 1927 fire

  Mr. Garrard: That fire was practically the liquidation of their debts?

  Mr. Cattell: They did not lose anything by it.

  The Chairman: They received £886 in cash in September. It is rather curious that in such a short space of time they should be in this position.

  Mr. Cattell: They restarted at a very difficult time. They did not believe until this morning they had lost so much.

  Mr. Cattell said there was some intention of forming a new company.

  Mr. J.C. Parker, solicitor for the firm, made an offer of 5s. in the £.

  The Chairman said the estate did not show quite as much as that, and he moved the firm make a deed of assignment, Mr. Cattell to be empowered to sell the estate for a for a sum sufficient to pay a composition 5s. in the £ – 2s. in three months, 1s. 6d. in six months, and 1s. 6d. in nine months. This was carried.

  As a committee of inspection Mr. Garrard, Mr. J. Radburne, of Rushden, and Mr. W. Campion, of Higham Ferrers, were appointed.