BOOT RETAILER FAILS.

Press, Volume LXVII, Issue 20333, 4 September 1931, Page 6

BOOT RETAILER FAILS.

BUSINESS "DECLINES. EFFECT OF CLOSING OF THEATRE. The closing of Fullers' Opera. House and the consequent effect 011 business in Manchester street, also the general fall in values of property ■ anil stock, w ere given as tho reasons for his banki ruptcy by James. Ernest BoydSllobinson, boot retailer, of 129 Manchester .street, who met his creditors in tho office of the Official Assignee* (Mr J. H. Robertson) yesterday morning. The total debts were shown as £.'3i'Jo Is Gd and tho assets as £2095 13s lOd, leaving a deficiency of £1397 7s Bd. Bankrupt was represented by Mr A. L. Gee. In his sworn statement bankrupt sot out that he started in business as a ■ bootmaker in Manchester street in 1912. in 1921 he was given notice to leavo or buy the property. H© bought tho shop for £3BBO, paying £-180 doposit. In 1927 he converted his house into a two-storey house, which cost him £450. In 1928 he was notified that tho mortgage 011 his shop would not'be extended, and ho bad to find £2700. In 1929.h0 mortgaged his house t'er £IOOO and raised £490 on his life insurance policies, paying off a bank overdraft of £BBO. Tho closing of Fullers' Opera Houso had a very considerable effect 011 business in Manchester street He attributed his position to tho decline in business and the great fall in the values iof property and stock. In reply to tho Official Assignee, bankrupt said that he had been connected with the boot trado from the ago of 16 years, and in 1912 had taken over the boot retailing business from his father. In 1924 110 considered himself a well-to-do man, but during the following two or three years, although ho was showing a profit, business began to fall ofF. Between 1921 and 1928 he had mortgaged practically all his property. A little over twelve months ago he realised that 110 was getting into a serious position, and called his creditors together. Tie had carried on during the past year under supervision. A small committee was appointed to go into the disposal of tho assets, and it was decided to allow tho bankrupt to retain his trado plant.