Inspection. Creditors to grant release to debtor. No. CCCXL. for his and their absolute use and bent or as they shall direct or Deed of appt And it is hby furr mutually decld and agd by and betn all the sd pties hereto and each of them the sd crs or agents &c. of crs pties hereto doth hby for himself his hrs &c. sevly but not jtly covt with the sd (D.) that in case all the crs &c. of the sd (D.) who are pties hereto shall not before the day of have recd the whole of their respive debts now due from the sd (D.) to the sd crs resply and if the sd (D.) shall on the sd day well and sufficiently convey assign and deliver upon oath if required unto such psn or psns as shall be named by the majority of the crs of him the sd (D.) at a meeting to be holden pursuant to notice given in the London Gazette for that purpe all such pts of his present este and effects as shall then remain not divided or orwise applied according to the true intent and meaning of these prests for the use and bent of all the present crs of the sd (D.) in such manner as they the sd crs or the major pt of them shall require [he the sd (D.) having well and truly observed and performed all and evy the covts and agrts herein contd on his pt to be performed and observed except only with respect to the paymt of the whole of his debts within the period afd] Then and in such case the afd crs their exs &c. who are pties hereto shall and will upon such assnment and delivering up resply duly exte to the sd (D.) legal general releases thby releasing and for ever discharging the sd (D.) his hrs exs and ads from all the debts and sums then due and owing from the sd (D.) to such crs resply and from all accts actions suits means methods and remedies in law or in equity which they can or may have claim or maintain for recovery thof Provided always nevss and it is hby resply decld and agd to be the true intent and meaning of all the sd pties hereto that if the sd (D.) shall make deft in performing all every or any of the sd covts clauses stipulations and agts hnbefore contd and covted to be performed on his part or if all the crs of the said (D.) whose debts amount to the sum of £ [except only such ers who are possessed of any or. securities (a) for their debts and choose to rely thereon] shall not by themselves or their respive atties or agents thereunto legally authorized duly exte these prests or Proviso that if default be made by debtor, &c. this agreement to be void. (a) As to such securities, see ante, Pref. sect. 5. orwise accede or agree to the terms hereof within the respive spaces of time herein next after mentioned that is to say within Then and in next after the date hereof and within either of the sd cases this present indre and the licence and liberty and every article clause matter or thing herein contd shall cease determine and be utterly void (add here, if necessary, proviso for appointing new inspectors, indemnity to inspectors, &c. as in the Trust Deed and Assignment of Stock &c.) In witness &c. see ante, No. XLVI. No. CCCXL. No. CCCXLI. Memorandum of an Agreement at a Meeting of Creditors to accept a Composition. Obs. As this is mostly an informal instrument not under seal, it is prudent to stipulate that a more formal deed shall be executed, see Pref. s. 2. Memorandum. At a meeting of the creditors of A. B. of &c. held at It is concluded and agrd on on the day of as follows that is to say That we the creditors whose names are the date hereof and will use our best endeavours to induce all No. CCCXLI. Agreement for a Composition. Witness our hands this day of A. B. C. D. E. F. &c. No. CCCXLII. Testatum. No. CCCXLII. Deed of Composition. Obs. As to the effect of such a deed, see Pref. s. 6; and as to the stamp, see s. 11. day This Indre made &c. see ante, No. LXXXV. Betn (debtor) of &c. of the first pt (surety) of &c. of the second pt and (creditors) the sevl psns whose names and seals are hereunto subscribed and affixed being also respive crs or agents or atties of crs of the sd (D.) of the third pt Whas the sd (D.) was on the of &c. and still is indebted to the several pties hereto of the third pt in the sums of money resply set opposite to their names (a) and is at present unable wholly to pay and satisfy the same And whas there is no probability that the sd (D.) will be enabled to pay and discharge his crs the whole of their respive demands but he is desirous to liquidate the same to the utmost of his ability and therefore hath proposed and agd with and to the sd sevl crs pties hereto of the third pt to pay unto them within the space of days from the date of these prests the sum of shillings in the pound in full of their respive debts (b) And the sd (surety) having agd to become surety with the sd (D.) for the punctual paymt of the sd sum of shillings in the pound within the time afd They the sd sevl crs pties hereto have con sented and agd to accept and rece the same as a composition in full of their respive debts and to exte and grant unto the sd (D.) such letter of licence as hnaftr is mentd Now this Indre Witnesseth That in pursuance of the sd proposal and agt on the pt of the sd (D.) and (S.) and to the intent that the sd (D.) may be wholly discharged and exonerated from the paymt of the sevl debts and sums of money which he now owes and in conson of (a) As to the effect of omitting to set any amount of debt to the name of a creditor, see Pref. s. 5. (b) Or, if it be so agreed, say, "to pay them a composition of s. in the pound upon the amount of his sevl debts to be secured and made paye by the instalments and in manner following that is to say the sum of s. in the pound upon the amount of the sd debts to be pd at the time of the exon of these prests and the remaining sum of s. in the pound to be secured by the jt and promissory notes of the sd (D.) and (S.) paye at the expiration of mths and mths." the agt herein contd on the pt of the sd sevl crs to accept the No. CCCXLII. Deed of. provision hby made in full discharge of their claims upon the este and effects of the sd (D.) They the sd (D.) and (S.) hby Debtor and severally covt promise and agree with and to the sevl crs pties surety covenant hereto that they the sd (D.) and (S.) or one of them his exs or shillings in the if To pay shillings in the creditors not concurring, &c. ads shall and will (a) within the space of days to be computed from the date hereof well and truly pay or cause to be pd unto the sd sevl pties hereto of the third pt their respive trustees ptnrs agents atties exs ads or ass the sum of pound upon the amount of their respive debts set opposite to pound. their respive names at the foot of these prests and witht any deduction or abatement whatr Provided (b) always and it is hby Proviso as to agd and decld betn and by the sd pties to these prests That all the crs of him the sd (D.) whose debts resply amount to £ or upwards shall not by themselves or their respive agents and atties duly authorized and apptd for that purpe accordg to the provo hnaftr contd duly exte these prests within the space days to be computed from the date hereof or if any fiat shall in the mean time be issued out adjudging the sd (D.) to be a bkpt Then and in either of the sd cases this present indre and evy covt clause and agrt herein contd shall cease determine and be utterly void Provided always and it is hby furr agrd and decld by and betn all the sd pties hereto that it shall be lful to and for any of the sd crs of the sd (D.) who shall be willing and That creditors desirous to concur in the arrangement hby made for the liqui- these presents dation and discharge of their debts but who cannot make it by attorney. convenient psnlly to exte these prests by letter or any note in writing witht a formal power of atty to authorize and empower of (a) Or say, "truly pay or cause to be pd unto the sd sevl pties hereto of the third pt the full and just sum of s. in the pound upon the whole of the sd debts when and so soon as these prests shall be tendered and delivered to him signed sealed and delivered by the sd crs And also that they the sd (D. and S.) shall and will pay or cause to be pd unto the sd pties hereto of the third part the further sum of s. in the pound within mths from the date of these prests And shall and will so soon as these prests shall be delivered to them or either of them signed and sealed by the sd sevl crs as afd sign and give to each of the sd crs their respive jt and promissory notes for the sd last mentd dividend of S in the pound which sd notes shall be made to become due at the expiration of mths and mths." (b) As to the effect of this proviso, see Pref. s. 3. may execute No. CCCXLII. any or. psn or psns whomsr as his or their agent on his her or Deed of. their behalf to peruse and inspect these prests in the hands of the psn or psns with whom the exon thof may be intrusted And if approved of in the name of such er or crs to sign and exte the same and aftwds to rece his her or their divds on their sd respive debts according to the provo hby made for the liquidation and paymt thof as such cr or crs would have been entitled to in case he she or they had been actually present and had themselves exted the same And this Indre also Witnesseth That in conson Creditors give letter of licence, of the covts and agrts hnbefe resply made and entered into by the sd (D.) and (S.) for the discharge of the sevl debts in manner hnbefe provided for They the sd sevl crs pties hereto Have and evy of them Hath given and granted and by these prests Do and evy of them Doth give &c. as far as they resply and Ifully may or can unto the sd (D.) full &c. (letter of licence, see last precedent) And the sevl crs pties hereto Do hby covt not to sue &c. And furr that if the sd (D. and S.) their exs ads or ass shall duly (a) observe keep and perform the sevl covts and agrts hnbefe on and covenant to their pts resply contd Then they the sd sevl crs of the sd (D.) give a release in pties hereto shall and will if the same shall be required at the general. costs and chas of the sd (D.) his exs or ads exte and give to him or them a general release and discharge for their sd sevl Stipulation as to and respive debts due and owing from the sd (D.) And (b) deliver up all bonds bills notes and or. secties for the same whether given by him or any surety or sureties for him And moreover that if the sd sevl crs or any of them or any of their exs ads or ass shall act conty to the true intent and meaning of these prests Then that this present letter of licence shall and may be pleaded in bar to such debt or debts and sums of money And to any prosecution suit or or. action that shall be brought agst the sd (D). securities. (a) As to the strict performance of the covenants by a debtor, see Pref. s. 4. (b) As to the necessity of this stipulation, see Pref. s. 5. If the contrary be intended, it must be stipulated in express terms, and then say, "Provided always and it is hby decld and agrd by and betn the sd pties to these prests that nothing herein contd shall extend to or be construed to extend to prevent the sd sevl crs their exs &c. (or, "the sd A. B. or C. D.," as the case may be) from commencing any action or actions suit or suits agst him the sd (D.) for recovering payment of the money which shall or may become due or paye to them the sd sevl crs resply upon or by virtue of any notes bills or or. secties which they may now hold agst the este of the sd (D.)" |