Heavy Failure in the Cycling Trade: A meeting of the creditors of Thomas Smith, William Smith, and Thomas Smith the younger, carrying on business in co-partnership under the style of Thomas Smith and sons, as manufacturers of tools, bicycles and bicycle fittings at Saltley Mill, Adderley Road, Saltley, and having a retail shop at 21 Holborn Viaduct, London was held yesterday t the Great Western Hotel Birmingham, under the presidency of Mr. Luke J. Sharp, Official Receiver in Bankruptcy. … The debtors were represented by Mr. Pinsent (Barlow, Smith, and Pinsent) … (summary of finances) … A meeting of a few of the principal creditors was convened, and after the matter had been carefully considered they were advised to petition the court for a receiving order: Mr. Pinsent now made a proposal with a view to a settlement. He pointed out that for composition purposes a considerable portion of the assets was unrealizable, and making an allowance for this circumstance, he did not think that more than £5,000 would be available. … Mr. Pinsent explained that the machinery had been put in at breaking up prices. Mr. Ansell opposed the scheme, which he said was more worthy of the Chancellor of the Exchequer than of Mr. Pinsent (laughter). His clients would prefer to see the offer of composition increased, and the latter part of the scheme dispensed with, or to have the estate wound up in bankruptcy as an alternative. … On the suggestion of several creditors Mr. Pinsent conferred in private with his clients as to the amount of composition they would be prepared to offer, and on his return, Mr. Ansell proposed that the meeting should be adjourned in order that the matter might be further considered. …
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
GROxxxx Devonport