Natal Fire Assurance and Trust Company: A meeting of the creditors of the above Company was held in the Company’s offices on Nov. 30, to consider the advisability or otherwise of compromising the liability of certain contributories of the Company, pending the appeal thereon to the Privy Council. The official manager (Mr. Cato) was present as were … (list includes) … S. Pinsent … After considerable discussion it was unanimously resolved, “that as regards the proposed acceptance of offers of composition from certain shareholders irrespective of the result of the appeal to the Privy Council, now pending), and with the view of releasing them from all further liability, the creditors present at this meeting regret they cannot consent to this or any other act which would, in their opinion prejudice their claims in full upon other shareholders; but if the Supreme Court will affirm the principle that such composition can be legally accepted, and the individual shareholders can be released without prejudice to such claims, they will offer no opposition.” Following on this resolution, Mr. Adv. Pinsent gave notice that he should apply to the Court for an order authorising the official manager to accept a composition from him, and so compromise his liability to the company – a liability, which is contingent on the result of the appeal, and, in doing this, the points raised by the resolution would have to be decided. …
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
GRO0798 Devonport: Savery Pinsent: 1815 – 1886