Heavy Failure in the Cycling Industry: Novel Offer of Settlement: A meeting was held At the Great Western Hotel, this morning, before the Official Receiver, of the creditors of Messrs. T. Smith and Sons, carrying on business manufacturers of tools, bicycle, and bicycle fittings, at Saltley Mill, having retail shop at 21, Holborn Viaduct, … continues at length … Mr. Pinsent (Barlow, Smith and Pinsent) explained with reference to the assets, that a considerable part of them were unrealisable for the purposes of composition. About £5,000, would be a better figure to put them at for this purpose. A composition of 5s. in the pound would absorb £3,600, there would be preferential claims of £456 and the expense of these proceedings would probably be about £240, so that deducting these sums, the debtors would be left with small working capital. What Mr. Pinsent suggested was this, that the creditors should take a composition of 5s in the pound, payable in two, six, nine months, the last two instalments to be secured, and that the concern should be turned into a limited liability company, allotting to each creditor preference shares equal to 5s. in the pound on their claims. … (continues) …
[see continuation: Birmingham Mail: Friday 29th October 1886]
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
GRO0738 Devonport: Richard Alfred Pinsent: 1852 – 1948