Re Wooding Brothers – Messrs Heygate and James, solicitors, have issued the following circular:—“Mr Frederick Wooding, trading as Wooding Brothers, of No. 32 High Street, Rushden, grocer, has placed his affairs in our hands as he is unable to meet his liabilities. We are investigating his position, which will be placed before a meeting of his creditors to be held at the Hind Hotel, Wellingborough, on Thursday August 19th. As several creditors have obtained judgement against our client, he has executed a deed of assignment in favour of Mr P O James, chartered Accountant, Wellingborough, to protect the estate.” Yesterday at the meeting of the creditors, Mr Tailby (Rushden) presided. The statement of affairs showed:- Liabilities, unsecured £875/11/2, preferential creditors £5/12/6; assets, stock-in-trade £150, fittings and fixtures £20, book debts £137 (estimated to produce £100). Assets, after deducting £5/12/6 preferential creditors, £264/7/6; deficiency, £610/13/8. Debtor was called upon to file his petition.

A Rushden Grocer’s Failure - Re Wooding Bros - Deficiency £603

Re Frederick Wooding, grocer, High Street, Rushden, trading as Wooding Bros, the bankrupt’s statement of affairs show – gross liabilities £887/14/0, expected to rank for dividend £873/3/6, assets £269, deficiency £603/6/9.

The stock-in-trade is estimated at £130 and the book debts at £114.

The Deputy Official Receiver, in his observations says: The bankrupt (aged 31) commenced business on July 18 1907. He had no capital of his own, but his brother, Charles Ernest Wooding , who was then in the business, found £100, and the bankrupt borrowed from his sister a further £50. It would appear from the deficiency account that the business has been carried out at a loss since the commencement.

At the Northampton Bankruptcy Court on Tuesday, before the Deputy Registrar.

Frederick Wooding, grocer, of 34 High-street, Rushden, came up for his public examination.

The statement showed gross liabilities £887/14/0; £873/3/6 estimated to rank for dividend; assets, £269/16/9; deficiency, £603/6/9.

In reply to the Official Receiver, debtor said he commenced business for himself two years ago, the business being purchased at a valuation for £277. He had been employed as grocer’s manager for Messrs. B. Denton and Son, and had experience of both retail and wholesale departments. He had no capital himself to commence with, but his brother found £100 and a sister £50. His brother died in January, 1908, and he had carried on the business. In August, 1908, the excess liabilities over assets was £300, and he only filed his petition in August last. There had been a net loss of £155/14/10 in carrying on the business in the last twelve months.

The Official Receiver said the debtor had been buying right up to the end. He filed his petition of the 10th August, and opened a fresh account with Messrs. Hodgson Bros. within two or three days of that time.

Debtor said the goods were ordered two or three weeks before.

The Official Receiver asked the Registrar to adjourn the case and to order debtor to file a proper cash account for the past year. The cause of bankruptcy was selling goods at less than they cost.

By Mr. James: He did not know at the time that he was selling at less than cost price, but had since ascertained it.

The examination was adjourned.