A Teignmouth Failure: Losses on a Seaside Boarding House: The first meeting of the creditors of William Henry Pinsent, brewer’s assistant, of Higher Brimley Terrace, Teignmouth, was held at the office of the Exeter Official receiver yesterday. The summary of debtor’s affairs showed liabilities £523 12s 2d, assets, nil. Cause of failure alleged by the debtor: Heavy expenses of illness of self and family, and losses on boarding house at 5, Den Crescent, Teignmouth.
Official Receiver’s observations: —The debtor is aged 37 and filed his own petition in consequence of pressure by creditors. He has been adjudicated. Since the year 1895; he has been employed as a brewer’s assistant at a salary commencing at £120, but which, for the past five years – has increased to £182. He has also supplied gratis, coal, beer, and spirits. He states that he has never been in business on his own account, but in September 1909, his wife started a boarding-house in Teignmouth, in which his (the debtor’s) furniture was used, and for the liabilities in connection with which he became liable. It appears that when this house was taken the debtor sold his furniture for £50 and obtained it again from the purchaser together with other furniture of the aggregate value of £400 on a hiring agreement, under which he was to pay £6 per month. The house, however, was closed in July 1911, and the whole of the furniture sold. £290 out the net proceeds being received by the owner of the furniture, in full settlement of his claim. The debtor states the house was conducted at a loss. It will be observed that in the deficiency account such loss is estimated at £120. In August 1910, the debtor offered his creditors composition 20s in the £ payable in three equal quarterly installments. He paid 5s in the £ on debts amounting to £122, and being unable to pay the balance himself, his father paid 10s in the £ in settlement. It appears, however, that several creditors — including debtor’s bankers, who were owed on an overdraft — did not participate in this arrangement. The debtor admits becoming aware of his insolvency eight years ago. He has kept no books or accounts, and consequently the figures appearing in the deficiency account are estimates only.
With regard to the alleged causes of insolvency, I am ordering the debtor to file some explanatory accounts. The debtor is now living in furnished apartments in Dawlish. He is still a tenant of the house at Brimley Terrace, Teignmouth; but I am informed that the furniture there is the property of his father. Some other furniture, which apparently belonged to the debtor’s wife, was removed from there on the 13th inst.
The unsecured creditors include one for £40, tuition, and board; one for £30, medical attendance; one for £10 18s, money lent to debtor’s wife; five for £68 8s 4d, goods supplied; one for £13 15s 7d, laundry; and a banker’s overdraft of £264 14s 10d. The last creditor, however, holds the personal guarantee of a relative. The remaining creditors are all for small sums under £10 each for goods supplied and work done. The public examination has been fixed for the 15th February at the Castle of Exeter.
Transcribed in whole or part from scanned originals: Presented with or without modified text and punctuation. For absolute accuracy refer to the original newspapers. Source: The British Newspaper Archive.
Referenced
GRO0897 Devonport: William Henry Pinsent: 1874 – 1949