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Rushden Echo 2nd September 1921, transcribed by Susan Manton
Bankruptcy - receiving order in bankruptcy has been made against Fredk. Simpson, of 82 High Street, Rushden, lately carrying on business as tailor at 53 High Street, Rushden.
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Rushden Echo 30th September 1921, transcribed by Susan Manton
Rushden Bankruptcy Case
A Surplus of Assets over Liabilities - Bad trade and Dislocation of Business
On a creditor’s petition a receiving order in bankruptcy has been made against Frederick Simpson, lately carrying on business at 53, High Street, Rushden, as a tailor. The statement of affairs shows a surplus of £229/6/8d over the liabilities, viz. to unsecured creditors, £432/2/-d; one creditor for £991/12/- (holding security valued at £1,500). The assets comprise: Cash at Bank £52/3/8d; fixtures etc., £42/10/-; motor cycle £30; book debts £28/7/-; surplus from security in the hands of a creditor, £508/8/-: total £661/8/8d. The causes of failure and dislocation of business owing to fire.
The Official Receiver’s observations are: the debtor (now aged 36) was employed in the tailoring trade until he joined the Army in March 1918. After demobilisation in October 1919, he was unemployed until January 1920 when he commenced business on his own account at 103 High Street, Rushden, with a free capital of £60 and in addition borrowed £250 from a friend. All this capital was expended in stock. The premises were temporarily taken until no. 53 high street, Rushden, which the debtor purchased for £650 could be adapted for living and trade purposes. The alterations were to cost £500. A deposit of £110 was paid and it was arranged that £250 should be paid on account of the balance every half year. The business was removed to No. 53 in June 1920. In December 1920 a fire occurred on the business premises and the debtor received £776 for the damage done. Out of this sum he states he paid £40 to reduce the liability on the purchase of the premises, £250 which he had borrowed as above mentioned, various trade accounts and purchased fresh stock, reducing the amount to £87 in June 1921. An instalment on account of the purchase money then becoming due the debtor found he was unable to meet his engagements and sold the whole of the stock on hand for £150 and left Rushden. He is now employed by a merchant tailor. The statement of affairs discloses unsecured liabilities £207/19/- for work done to the premises and the remainder £224/3/- are for trade good supplied. The fully secured creditor is in respect of the contract for the purchase of the premises as above mentioned from whose security it will be seen the debtor estimates a surplus of £508/8/-.
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The Rushden Echo, 7th October, 1921, transcribed by Gill Hollis
Rushden Bankruptcy Case
Local Tailor’s Estimated Surplus
At the Northampton Bankruptcy Court on Tuesday the public examination took place of Frederick Simpson, tailor, formerly of 82, High-street, Rushden. The gross liabilities in this case were scheduled as £1,423 14s. 6d. of which £661 8s. 8d. was estimated to rank for dividend. The assets, including £508 8s. 6d. estimated surplus from security in the hands of a creditor, totalled the sum shown as likely to rank for dividend.
In reply to the Official Receiver, debtor said he was a tailor before the war. After demobilisation he began business as a tailor at Rushden with £60 of his own money and £240 borrowed money. He had paid back the loan. He arranged to purchase property at Rushden for £650, an additional £500 to be spent on the property. He paid £110 and £40, and the level £1,000 he arranged to pay off in four instalments of £250. The work to be done on the property was not commenced until after the date agreed upon, and the debtor did not pay his first instalment at the date arranged. He had not entered into any arrangement with the landlord, whereby he waived his rights in the property. In December, 1920, there was
A Fire
on his premises, and he recovered £776 from the insurance company. He continued trading, but business was very quiet, and about the end of May he found he was in difficulty in meeting his accounts. He tried to borrow money, but could not, and he sold his stock to a London firm for £150. He gave £50 to his wife and spent the remainder how, he did not know.
Did you do any betting? – NO.
Did you go away for a holiday with your wife? – No, I had a holiday by myself.
Did you spend the whole £100? I spent most of it.
Where did you go away for a holiday with your wife? No I had a holiday by myself.
Did you spend the whole £100? – I spent most of it.
Where did you go? – I don’t know where I went.
Debtor added that he was away three weeks. At the end of that time he went back to Rushden and gave his wife the £50. Had he not done that the £50 would have dwindled as the other had done.
The case was adjourned to Dec. 13th.
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The Rushden Argus, October 7th 1921, transcribed by Susan Manton
In Bankruptcy - Failure of Rushden Tailor’s Business
A receiving order in bankruptcy, issued on a creditor’s petition, has been made against Frederick Simpson, lately in business as a tailor at 53, High Street, Rushden. Bad trade and dislocation of business owing to fire are stated by the debtor to be the cause of failure.
The statement of affairs shows a surplus of £229 6s 8d over the liabilities, viz. ten unsecured creditors, £432 2s; one creditor for £991 12s (holding security valued at £1,600). The assets comprise: Cash at Bank £52 3s 8d; fixtures etc. £42 10s; motor cycle £30; book debts £28 7s; surplus from security in the hands of creditor £508 8s; total £661 8s 8d.
The Official Receiver’s observations are: the debtor (now aged 36) was employed in the tailoring trade until he joined the Army in March 1918. After demobilisation in October 1919, he was unemployed until January 1920, when he commenced business on his own account at 103, high Street, Rushden, with a free capital of £60 and in addition borrowed £250 from a friend. All this capital was expended in stock. The premises were temporarily taken until No 53, High Street, Rushden, which the debtor purchased for £650, could be adapted for living and trade purposes. The alterations were to cost £500. A deposit of £110 was paid, and it was arranged that £250 should be paid on account of the balance every half year. The business was removed to No. 53 in June 1920. In December 1920, a fire occurred on the business premises and the debtor received £776 for the damage done. Out of this sum he states he paid £40 to reduce the liability on the purchase of the premises, £250 which he had borrowed as above mentioned, various trade accounts and purchased fresh stock, reducing the amount to £87 in June 1921. An instalment on account of the purchase money then becoming due, the debtor found he was unable to meet his engagements, and sold the whole of the stock on hand for £150 and left Rushden. He is now employed by a merchant tailor.
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The Rushden Echo, 2nd February 1923, transcribed by Kay Collins
Bankruptcy—A first and final dividend of 6s. 5¼d. in the £ to unsecured creditors has been declared in the matter of Frederick Simpson, tailor, formerly carrying on business at 53, High-street, Rushden, and declared a bankrupt under a receiving order dated Aug. 17th, 1921, on the petition of the creditors. The total receipts were £324 5s. 1d. The costs totalled £101 14s. 1d. The debtor had estimated that the assets would produce £661 8s. 8d. and the Official Receiver states: "The motor-cycle was sold by auction, and the value of the fixtures had been over-estimated. The surplus from securities, £508 8s., was the bankrupt's estimate of value under a repudiated contract to purchase certain property, but the Official Receiver was advised to accept the offer of £200 in settlement and to avoid litigation. The difference between the bankrupt’s statement and the amount admitted to rank for dividend is in view of six debts, amounting together to £154 10s. 7d., being omitted from the statement, and four others proved for £77 in excess of the bankrupt’s figures.
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