The Express.
London, England, 1851-02-27 00:00:00

PROPOSED NEW PLAN FOR WDMING-UP

WITHOUT LITIGATION.

ITCLL Punttc A.titt CourANT.—A numerous
rotating of the shareholders of this company was held at the
Urine iacys flak& Hull, on Monday last. Mr. fioodeltap,
the official manager appointed to wind up the affairs of the
company, attended and captained to the shareholders pre-
sent the condition of the affairs of the company, and pointed
out the propriety of avoiding litigation, by the shareholders
without distinction agreeing amicably among themselves to
discharge the liabilities. lie urged the necessity of this
step, al.uwing that in several caws large expenses bad been
incurred, the consequence of which was more to be attri-
buted to the litigation of the parties than to the operation
of the Winding-up Acts, and that if his recommendation
War' acted upon it would result in poaitive benefit to every
shareholder in the company. Ile explained that there
-were three classes of contributories on the list, but they all
differed from the ordinary class of cases in inchoate rnilway
scheme., inasmuch as in this matter there was adistioct un-
dertakine, signed by the parties, to take shares, and pay
upon the same as they might he called upon. Ile eu,ggested
that all the shareholders should sign an undertaking ad
notliou thin liability, so that the Master, Sir W. Horne,
ought at mire settle the list of contributories, and bring
the matter to a speedy settlement. If the shareholders
could be lad amt to act in that spirit, he, as the official
manager, could confidently state that the whole affairs
mite,* be wound up in six months, instead of, perhaps, one
or two rani, and the call which would be nee( wary
to make wauld not exceed 101. per share, ex-
teneliog over 233 share., held by 100 persons.
111 r. Uoodehap roneluded by urging the shareholders to
avoid the- frbihtful aiternative of litigating their :separate
right., wheel, could not he determined without an outlay of
Igo times the amount which would be necessary to settle the
debts 0/ th- company and relieve the shareholder from all
turtle., :manly • A anaL.yane.. if his 101V1/ t should net
ter follnaved, thou the shareholders most net blame the
Winding-up Art for eonsaqueaces for which they them-
selves were entirely to blame. Whatever might Ise the de-
feets of this int, it afforded a great boon to those who
woiald arr. lit it ; it placed within th' it reach a sim-
ple enachne ry for getting rid of their present ditfi-
colti,s, a A by thew means saving loathe. not only
tens the harming anxiety of protracted proceedings, but
often tram iseaitive ruin.—Mr. Tindal Atkinson, barrister,
who appeared fur a shareholder in the second elass, in-
quired whether, in the event of the 101. call being agreed
to by his Ai, tit, there would be a probability of return be-
ing nude out of the tall, when the assets of the company
were soh.equently realiserl.—Mr. Goodthap replied that
there would, wit) t pledging himself as to the amount,
that depo oiling upon the sale of the baths—it night pro-
bably art. nil to 71. pe-r share. —Mr. Atkinson 11.. n said. on
the part of his eh. t.t, he would at once sign the .k-
-ing 7 here were tau aspects to the ease, '
bad, the other word. It was with the totter they had
more Vi it., inasmuch as the scheme was not orieinally -tg-
rpsted for the purpoo a of profit but from philanthropic mo-
tioei, to benefit the sanitary condition of the town. lbe su-
torr..l, ennsidirable length, th. suggestions made Iv Mr.
Illorokh L.p,thrt it was a. much due to their own ch areal ins to
their pecuniary iiittn.sta that they shoohl ome and all come to
en arrrogement by which their liabilities we n• at
• minim nmount, and point, .1 out several indances in
which, for event of f Ameba( the- proposed recommendation,
large till, of costs had bet n incurred, in some MIA, amount-
ing to mon- than the actual of the company. Ile
algal upon the meeting the propriety of acting at onee
spun the advice given them by the °finial manager, who
134 dam- himself great honour by the unusually disiii-
t.rested gol*,, h. had given to the sharchold. rs.
Thanks were uwininiously voted to Mr. tiontlehap, the
official intite4er, and the undertaking was numerously
signed.

WINDING UP OP JOINT-STOCK COMPANIES.