In Whitechapel in 1892, an enterprising Jewish emigrant, Aron Salomon, founded the iconic name of Salomon. It quickly became a byword for boots, shoes and all kinds of footwear. The company proved so successful that Salomon’s sons wanted a part of it during their father’s lifetime, and so what had begun as a sole trader metamorphosed into a registered company. Naturally this company had shareholders, but only a very few, namely Salomon himself, his wife, and the five eldest of his many children, sons as well as daughters. When it became a company, the shareholders paid over the odds for their shares, much more than the company was worth, and this extended to other contacts of Salomon, including one who, encouraged to invest, did so to the tune of £5,000 (a huge sum in 1892) protected by a floating charge.
Unfortunately, there was a dip in the market and the company became bankrupt. Creditors
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