As against the unsecured liabilities amounting to nearly £300 000 Stoner had certain unpledged assets which, it was hoped, might realise £20 000. Debts owing to the partnership came to £7000, but only some £3000 had any prospect of being collected. The creditors could be divided into five groups. There were the small creditors — some twenty of them — with claims totalling £6500. There were the shipbuilders: Thorneycrofts for the MV Elizabeth Stoner and the Montrose Shipbuilding Co. for the two small coastal vessels. The debts here were secured on the ships themselves, though there was room for much argument over a mortgage that Stoner had managed to raise on the bigger ship. By far the largest claims were those of the banks — Barclays, the National Provincial, the London County & Westminster, the Bank of British West Africa, the National Bank of India, Schroeders and the Swiss Bank Corporation. There was a substantial sum due to a group of West of England tanners and glove makers, for advances to Stoner on account of hides and skins. Finally there were the rubber firms: Stoner had been speculating heavily and disastrously in rubber futures.
KeywordsLarge Claim Final Settlement Partnership Business Chartered Accountant Unsecured Credit
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