1890 : George Pluckrose - Bankruptcy Proceedings

Source:  Timber and Wood Working Machinery, xii 261
Date:  15 November 1890
Place:  London

PLUCKROSE, GEORGE, AND OLDREY, HENRY, builders and contractors, Carlton Bridge, Westbourne Park; Crown Works, Bosworth Road, and Cowley Wharf, Kensal Road. — These bankrupts attended the London Bankruptcy Court on Friday, the 7th instant, for public examination. Pluckrose was first examined by Mr. Chapman, and stated that he and his partner succeeded to the builder’s business, formerly carried on by Mr. Wm. Oldrey, upon the death of that gentleman, in September, 1886. They had traded under the style of Wm. Oldrey and Company, until July last, when they petitioned the Court, having unsecured debts amounting to £4,810 and assets valued at a sum, slightly in excess of the liabilities. Witness had been employed by the late Mr. Oldrey for fourteen years, during the latter part of which he was treated as a salaried partner, and received £400 per annum from the business. No liabilities were outstanding in respect of the old trading. The business was left to witness and his partner on consideration that they took over all the liabilities. The estate was valued for administration purposes at £4,000. No statement was made out of the existing liabilities, but they afterwards discovered that they had to pay out £3,500 beyond the value of the estate. That was principally due to contracts then pending. One contract was to build a Board School at Ratcliff Highway, and when the estate was valued, a sum of £2,000 was set down as the anticipated profit thereon. As a fact, a loss of £2,000 was made, which practically wiped out the value of the estate, and left them with nothing to pay the outstanding liabilities. That was their last contract with the London School Board. A deed of partnership was entered into when they took over the business in 1886, but no accounts were prepared showing the actual capital then in hand. The average amount of profits made in the business was £3,500 per annum. Witness drew out from £400 to £500 yearly for expenses, and his partner just over £200. The failure was due to a serious accident that happened in October, 1886. They were then building at Tichfield Street. A portion of a house collapsed, killing and injuring 30 men. They rendered every assistance to the relatives of the sufferers, but had been unable to avoid legal proceedings. A test case had been decided against them, and judgment awarded for £250 damages. Further sums amounting to £4,600 were claimed in respect of that accident. There were also actions pending in regard to other matters, and they were compelled to stop payment. But for the accident they could have met all the liabilities. Examined as to the value of assets, witness said they had not been at all over-estimated for the purpose of statement of affairs. The debtor, Oldrey, was also examined, chiefly respecting the books of the trading, and both debtors were then allowed to pass.

 

This is PL2445 of Twig15.

 

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