Newton: Brewer’s Affairs: A Forfeiture Clause: At Exeter County Court, yesterday, the official Receiver (Mr. A. Harold Ward) again mentioned an application for discharge from bankruptcy of Henry Pinsent, brewer’s assistant, Newton Abbot. He said the application first came before the Court in December last, when his Honour considered his (the Official Receiver’s) report as to debtor’s conduct general financial dealings and adjourned the case in order that the Chancery Division might decide on the construction of a clause in the will of the father of the applicant. The father, with knowledge of his son’s bankruptcy, and the fact that he was undischarged, made a will and devised two-tenths of the residual estate upon trust to the bankrupt for life, or until became bankrupt. The question arose whether there was a forfeiture, seeing that the debtor was bankrupt at the time the will was made. Judgment had been given in the Chancery Division that there was a forfeiture. Therefore, it seemed clear that he (the Official Receiver) had no claim on the two-tenths. Applicant was engaged by his father as an assistant brewer and was rescued from disaster by his father on three or four occasions. He was quite sure that if the accumulation of debts had been avoidable, he would never have allowed the case to come into Court. Mr Templeman, for the debtor, said that if it had not been for the clause in the will debtor would have been able to pay the whole of his creditors in full. Every effort had been made to get the bankruptcy annulled, but one of the trustees was not a consenting party. There was no suggestion that the debtor had led a wildlife, but for many years prior to his bankruptcy he was unable to work owing to illness. He had also suffered a great deal since through ill health. Under the will it was assumed that the debtor’s wife would receive income of about L. 6 a week, and he was quite willing that Mrs. Pinsent should assist in paying the debts. His Honour Judge Terrell said that under the will there was a discretionary trust, and the trustees could apply the income under the will for the benefit of the husband, wife, or children. Difficulties arose, as under the will the trustees had discretion about the allocation of the money and might change their minds from time to time. The discharge would be granted but suspended for two years. Leave was given to the debtor to again make an application to the Court for discharge at any time during the two years if he was able to make an offer that would meet the approval of the Official Receiver.
[see also Exeter and Plymouth Gazette; Friday 8th July 1921]
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
GRO0695 Devonport: Minnie Gertrude Pinsent: 1872 – 1937
GRO0897 Devonport: William Henry Pinsent: 1874 – 1949