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68-476: The company was formed late in 1824 by John Taylor (1779–1863), the mining engineer and entrepreneur. His close associates in the venture were the coppersmith James Henry Shears (who was also associated with him in the Real del Monte Company formed earlier the same year) and Robert Small, a merchant, both of London. The capital which the company proposed to raise was £2,000,000, a high figure, but one which reflected

136-430: A retail chain may wish to close some of its stores. For efficiency's sake, it will often sell these at a discount to a company specializing in real estate liquidation instead of becoming involved in an area it may lack sufficient expertise in to operate with maximum profitability. A company may also operate in a "receivership-like" state but calmly sell its assets, for example to prevent its portfolio being written off in

204-671: A chemical manufacturer at Stratford, Essex . This enterprise, also funded by the Martineaus, set out to produce vitriol , but as Taylor & Martineau became widely diversified. One of Taylor's interests was sugar refining, for which he took out a patent in 1815 for a pressure method for separation of sugar from molasses . The use of heated animal oils in sugar processes disclosed the production of naphtha . Taylor took out another patent in 1815, for decomposing animal oils into gas. This discovery led Taylor & Martineau into 1823 to what Philip Taylor's son later wrote of as "the battle of

272-404: A discretion for a period of time after dissolution to declare the dissolution void to enable the completion of any unfinished business. In some jurisdictions, the company may elect to simply be struck off the companies register as a cheaper alternative to a formal winding-up and dissolution. In such cases an application is made to the registrar of companies, who may strike off the company if there

340-1024: A family at Holwell House, Whitchurch, Devon . His son, also John, was born there in 1808, and followed his father into the mining business. In 1845 father and son formed a partnership, John Taylor & Son. This partnership had an extensive portfolio of lead mines, copper mines and collieries, both in the UK and in Canada, Spain, Portugal, Central America, Western Africa and the Cape of Good Hope. In 1829, Taylor and his family played host to composer Felix Mendelssohn at their country home in Wales. While there, Mendelssohn composed several works, including his operetta Son and Stranger for his parents' silver wedding anniversary, an organ work for his sister's wedding, and three piano fantasias written as gifts for Taylor's daughters. [REDACTED]  This article incorporates text from

408-498: A few core sites. Thus Abersychan was sold to the Ebbw Vale Company in 1852. At about the same time Plas Issa in north Wales was sold to Samuel Giller and Netherton to Noah Hingley & Sons . Hingley also acquired Dudley Wood a few years later. Following the closure of Ruabon ironworks in 1887 operations were confined to Brierley Hill and Corngreaves. The company was registered as a limited liability company in 1883 with

476-456: A lack of financial acumen and practical experience on the part of the managers. The situation was exacerbated by a pamphlet written by Richard Cort, the son of Henry Cort and cashier of the company until his resignation in February 1826. It protested at the way in which the company's business was being managed, and was critical of the management. Following a number of ill-tempered meetings of

544-582: A level that was above the average for south Wales at the time. From about 1840 the works switched from producing bar iron to making rails. The site was sold to the Ebbw Vale Company in 1852 and remained active until 1889. An engine-house, office block and remains of the furnaces can still be seen. The adjacent hamlet named British is all that remains of the housing that was once occupied by the workers at this site. The New British Iron Company retained some property in this area until 1885. A small ironworks had been established at Abercraf , Breconshire in 1824 by

612-665: A new engine at Penrhyn Du and held a lease from 1838 In 1807 Taylor was elected a Fellow of the Geological Society , and acted as treasurer from 1816 to 1844. In 1825 he was elected a Fellow of the Royal Society , and was one of the founders of the British Association on 26 June 1832, holding the office of treasurer till September 1861. He was one of the founders of University College, London , to which he acted as treasurer for many years. Taylor

680-423: A nominal capital of £600,000. In 1887 it went into voluntary liquidation but this was reversed in 1890 after arrangements had been made with the creditors. Plans were then prepared for a reconstruction of the company and the modernisation of the works at Corngreaves, but when the necessary additional capital was not forthcoming the debenture holders petitioned for the appointment of a receiver . A winding-up order

748-491: A person for the appointment of a liquidator and possibly of a supervisory liquidation committee. The person appointed by the holder of a floating charge debenture over a company’s assets to collect in and realise the assets of that company and to repay the indebtedness to the debenture holder. Administrative receivers can no longer be appointed by floating charge holders with the exception of floating charges created prior to 15 September 2003. Voluntary liquidation occurs when

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816-456: A publication now in the public domain :  " Taylor, Philip ". Dictionary of National Biography . London: Smith, Elder & Co. 1885–1900. Liquidation Liquidation is the process in accounting by which a company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as wound-up or dissolved , although dissolution technically refers to

884-465: A voluntary winding-up of a company has begun, a compulsory liquidation order is still possible, but the petitioning contributory would need to satisfy the court that a voluntary liquidation would prejudice the contributors. The liquidator will normally have a duty to ascertain whether any misconduct has been conducted by those in control of the company which has caused prejudice to the general body of creditors. In some legal systems, in appropriate cases,

952-426: Is a breach of an understanding that all of the members may participate in the business, or of an implied obligation to participate in management. An order might be made where the majority shareholders deprive the minority of their right to appoint and remove their own director. Once liquidation commences (which depends upon applicable law, but will generally be when the petition was originally presented, and not when

1020-490: Is best remembered for his writing. Accusations of incompetent management continued to be made by the shareholders. Following the adverse judgment given in the Corngreaves case the affairs of the company were thrown into disarray. Its already unhappy position was further exacerbated by the severe recession of the early 1840s. Dissension developed between a faction of shareholders and the directors, with subscribers resisting

1088-445: Is held by the company on trust for third parties will not form part of the company's assets available to pay creditors. Before the claims are met, secured creditors are entitled to enforce their claims against the assets of the company to the extent that they are subject to a valid security interest . In most legal systems, only fixed security takes precedence over all claims; security by way of floating charge may be postponed to

1156-408: Is made by a board resolution, but instigated by the director(s). 75 percent of the company's shareholders must agree to liquidate for liquidation proceedings to advance. If a limited company’s liabilities outweigh its assets, or the company cannot pay its bills when they fall due, the company becomes insolvent. If the company is solvent , and the members have made a statutory declaration of solvency,

1224-399: Is more beneficial to start again by creating a new company, often referred to as a phoenix company . In business terms this will mean liquidating a company as the only option and then resuming under a different name with the same customers, clients and suppliers. In some circumstances it may appear ideal for the directors; however, if they trade under a name which is the same or substantially

1292-445: Is reasonable cause to believe that the company is not carrying on business or has been wound-up and, after enquiry, no case is shown why the company should not be struck off. However, in such cases the company may be restored to the register if it is just and equitable so to do (for example, if the rights of any creditors or members have been prejudiced). In the event the company does not file an annual return or annual accounts, and

1360-414: Is to collect its assets, determine the outstanding claims against the company, and satisfy those claims in the manner and order prescribed by law. The liquidator must determine the company's title to property in its possession. Property which is in the possession of the company, but which was supplied under a valid retention of title clause will generally have to be returned to the supplier. Property which

1428-564: The Duke of Devonshire and to the commissioners of Greenwich Hospital . In 1824 he built the Redruth and Chasewater Railway to transport the ore from Consolidated Mines and others nearby to the port at Devoran . In 1824 he also began a major expansion of the copper mines at Coniston in Cumbria , making them "the largest and most profitable copper mines in the north". In 1836 he erected

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1496-645: The downturn in the economy that set in 1825 the price of iron then fell, funds became tight, and investors who had made an initial payment for shares were either unable or unwilling to meet further calls. The value of shares in the company fell throughout 1825 and 1826 and by the summer of 1826 there was dissatisfaction among the shareholders at the management of the company. It was claimed that properties had been purchased for sums in excess of their true value, that mineral leases had been taken on terms that were burdensome, and that excessive sums of money had been spent on developing these sites. The available evidence points to

1564-402: The preferential creditors . Claimants with non-monetary claims against the company may be able to enforce their rights against the company. For example, a party who had a valid contract for the purchase of land against the company may be able to obtain an order for specific performance , and compel the liquidator to transfer title to the land to them, upon tender of the purchase price. After

1632-523: The trademarks and goodwill of the company. A 60-year lease of property at Abersychan near Pontypool , Monmouthshire was granted in August 1825. The royalties specified in the agreement were exceptionally high. Construction started in 1826 and after a number of constructional mistakes and difficulties the first iron was produced and sold the following year. Six furnaces were built but they were never all in production at once. Nevertheless, output rose to

1700-665: The British Iron Company and the New British Iron Company operated a number of collieries on this property: in 1894 there were six working collieries. In 1825 the Company purchased ironworks at Brierley Hill from its previous owner, following his failure, for £20,760. It was located on the banks of the Dudley Canal and produced about 150 tons of iron per week and 10 tons of steel. It remained

1768-586: The British Iron Company in 1825 for nearly £135,000 (which included the purchase of the Newbridge works). There were three furnaces, forges and mills which supplied foundry iron chiefly to the Manchester market. From about 1875 the production of iron was spasmodic until the final closure of the works in December 1887. The company also had collieries in the area, including Acrefair, Plas Benion and Wynnstay (or

1836-488: The Company, although by a not entirely disinterested author: A Letter to the shareholders of the British Iron Company, showing the past and present losses of the speculation : with suggestions to realize the future profit of the concern (London : 1826) A second letter to the shareholders of the British Iron Company ;: introductory to evidence and proofs to relieve the proprietors from

1904-542: The Corngreaves estate were reported at length in the contemporary press, including The Times and the Morning Chronicle , as were the controversial meetings of shareholders held during the crises of 1826 and 1841. The fullest modern account of the Company, although with a distinct bias towards its activities in north Wales, is by Ifor Edwards, 'The British Iron Company', Denbighshire Historical Society Transactions , 31 (1982), pp 109–48; 32 (1983), pp 98–124 For

1972-468: The Corngreaves transaction. The company remained in possession until c1852 when the works were sold to Noah Hingley & Sons . The company is also known to have worked coal mines here. Brierley Hill, Dudley Wood and Netherton were all held under lease from the Dudley estate . The British Iron Company acquired Netherton Furnaces at Withymoor, Netherton in 1825 when two furnaces were in blast. By 1839 it

2040-643: The Green Pit). Following the withdrawal of the New British Iron Company from this district the collieries were taken over by the Wynnstay Collieries Company. A small ironworks at Newbridge, south of Ruabon , appears to have been in existence in 1809. It was acquired by the British Iron Company in 1825 together with the Acrefair site and comprised a forge and a mill. A small quantity of manufactured goods were produced there in 1825 but work

2108-649: The Royal Commission on Children's Employment of 1841-2 including Richard Wood, manager of Ruabon, William Wood, manager of Abersychan, and other officials at both sites. The report of the commissioners contains much detailed information on working conditions in the company's plants. Employment conditions in the Company's mines in the West Midlands were described in the first report of the Midland Mining Commission of 1843. Thanks to

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2176-464: The company's affairs, the liquidator must call a final meeting of the members (if it is a members' voluntary winding-up), creditors (if it is a compulsory winding-up) or both (if it is a creditors' voluntary winding-up). The liquidator is then usually required to send final accounts to the Registrar and to notify the court. The company is then dissolved. However, in common jurisdictions, the court has

2244-440: The company's file remains inactive, in due course, the registrar will strike the company off the register. Under the corporate insolvency laws of a number of common law jurisdictions, where a company has been engaged in misconduct or where the assets of the company are thought to be in jeopardy, it is sometimes possible to put a company into provisional liquidation , whereby a liquidator is appointed on an interim basis to safeguard

2312-427: The company's prospects improved; even so, over the fifteen years 1826-40 it made a cumulative net profit of only £129,116 on a paid-up capital of £955,205, or 0.09 per cent per annum . It was hampered by heavy royalties and other charges, especially at Abersychan and Corngreaves, from agreements that had been entered into by the company in its formative years. Between 1826 and 1838, also, it was engaged in litigation with

2380-503: The court creating a "liquidation trust"; or sometimes a court can mandate the appointment of a liquidator e.g. wind-up order in Australia) or voluntary (sometimes referred to as a shareholders' liquidation or members' liquidation , although some voluntary liquidations are controlled by the creditors). The term "liquidation" is also sometimes used informally to describe a company seeking to divest of some of its assets. For instance,

2448-620: The court makes the order), dispositions of the company's generally void , and litigation involving the company is generally restrained. Upon hearing the application, the court may either dismiss the petition or make the order for winding-up. The court may dismiss the application if the petitioner unreasonably refrains from an alternative course of action. The court may appoint an official receiver, and one or more liquidators , and has general powers to enable rights and liabilities of claimants and contributories to be settled. Separate meetings of creditors and contributories may decide to nominate

2516-514: The dates of operation of the various sites, the number of furnaces at each and the number in blast on a year by year basis, see Philip Riden and John G. Owen, British blast furnace statistics, 1790-1980 (Cardiff : Merton Priory Press, 1995) John Taylor (civil engineer) John Taylor (22 August 1779, in Norwich – 5 April 1863, in London) was a British mining engineer . Taylor

2584-458: The event of an actual compulsory liquidation. The parties which are entitled by law to petition for the compulsory liquidation of a company vary from jurisdiction to jurisdiction, but generally, a petition may be lodged with the court for the compulsory liquidation of a company by: The grounds upon which an entity can apply to the court for an order of compulsory liquidation also vary between jurisdictions , but normally include: In practice,

2652-531: The financial euphoria of the time. There was no lack of subscribers to the undertaking. The purpose of the company was stated as being to smelt, manufacture and sell iron; to work iron mines; and to purchase ores from other sources as required. During 1825 the company purchased a number of active ironworks or land on which to build. Of these the principal sites were Abersychan in south Wales, Ruabon in north Wales and Corngreaves near Dudley in England. Following

2720-530: The furnaces were blown out in 1826 after it was discovered that production costs greatly exceeded the selling price. Coal continued to be worked from the taking; it was still in production in 1841 when the local agent gave a statement to the Children's Employment Commission. A lease of mineral property close to the head of the Neath Canal at Glynneath , Glamorgan was taken in 1825. The original intention

2788-597: The gases": the commercial contest between gas lighting derived from coal and from oils. John Taylor's direction in the 1820s, however, was back into mining. In 1819 Taylor raised the £65,000 needed to re-open the Consolidated Mines in Gwennap , Cornwall. This mine employed over 3,000 people and became the most productive in Cornwall, yielding almost 450,000 tons of copper ore. He was also mineral agent to

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2856-442: The last stage of liquidation. The process of liquidation also arises when customs , an authority or agency in a country responsible for collecting and safeguarding customs duties , determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation or receivership following bankruptcy , which may result in

2924-446: The liquidation will proceed as a members' voluntary liquidation (MVL). In that case, the general meeting will appoint the liquidator(s). If not, the liquidation will proceed as a creditors' voluntary liquidation, and a meeting of creditors will be called, to which the directors must report on the company's affairs. Where a voluntary liquidation proceeds as a creditors' voluntary liquidation, a liquidation committee may be appointed. Where

2992-407: The liquidator may be able to bring an action against errant directors or shadow directors for either wrongful trading or fraudulent trading . The liquidator may also have to determine whether any payments made by the company or transactions entered into may be voidable as a transaction at an undervalue or an unfair preference . The main purpose of a liquidation where the company is insolvent

3060-520: The local coalowner, Thomas Harper. Its purpose was to exploit two patents granted to Harper and his fellow coalowner, John Christie (also owner of the Brecon Forest Tramroad ) in 1823 (no 4848) and 1824 (no 4909) for the use of the local anthracite coal in smelting. The British Iron Company bought the works in 1825 for £19,541 and at the same time leased minerals on the nearby mountain, Cribarth . The venture soon proved unsuccessful and

3128-401: The members of a company resolve to voluntarily wind up its affairs and dissolve. Voluntary liquidation begins when the company passes the resolution, and the company will generally cease to carry on business at that time (if it has not done so already). A creditors’ voluntary liquidation (CVL) is a process designed to allow an insolvent company to close voluntarily. The decision to liquidate

3196-425: The owner of the Corngreaves estate which ultimately went against the company (see below). The suitability of Mushet was questioned at the time of his appointment as managing director in 1826: while he enjoyed a reputation as a metallurgist, Mushet had little practical experience of managing a large ironworks. The company secretary, Harry Scrivenor, a professional ironworks manager, had had little success in this area and

3264-576: The parish of Aberystruth in the valley of the Ebwy Fach in Monmouthshire but no further information has been found. The company's principal works in north Wales, generally known as the Ruabon works, were located at Acrefair , near Wrexham , Denbighshire . An ironworks was established here in c1817 by Edward Lloyd Rowland. Following his bankruptcy in 1822 the works were idle until bought by

3332-479: The payment of further calls on their shares and urging that the company be dissolved in order to release them from future financial liability. After several angry meetings it was finally resolved in September 1841 that the company should be dissolved after the liquidation of all its liabilities. In the meantime operations continued as normal. Officials and child employees of the British Iron Company were examined by

3400-476: The personal intervention of a number of shareholders, the old company was saved from the otherwise inevitable liquidation that it faced and the transfer of its assets to the New British Iron Company was authorised by act of Parliament, the British Iron Company Act 1843 ( 6 & 7 Vict. c. cx) in August 1843. All the assets of the old company were sold to the new company for £200,000 and it

3468-402: The position of the company pending the hearing of the full winding-up petition. The duty of the provisional liquidator is to safeguard the assets of the company and maintain the status quo pending the hearing of the petition; the provisional liquidator does not assess claims against the company or try to distribute the company's assets to creditors. In the UK, many companies in debt decide it

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3536-433: The property of the New British Iron Company until the company was wound up in 1892. The British Iron Company acquired the ironworks (with four furnaces, forges and rolling mills) from Attwood in 1825. It was connected to Corngreaves by a recently built private railway. It was acquired by Noah Hingley & Sons in about 1860. The 'old ironworks' at Netherton (with two furnaces) were acquired from Attwood in 1825 as part of

3604-466: The purchase was completed in October 1825. However, by this time the market in iron had collapsed and the company started legal proceedings to have the contract set aside. Even before completion the directors instituted proceedings to recover the down payment of £238,525 on the grounds that they had been misled by Attwood as to the true value and prospects of the estate. The case against Attwood for perjury

3672-409: The removal of all assets which are subject to retention of title arrangements, fixed security, or are otherwise subject to proprietary claims of others, the liquidator will pay the claims against the company's assets. Generally, the priority of claims on the company's assets will be determined in the following order: Unclaimed assets will usually vest in the state as bona vacantia . Having wound-up

3740-463: The ruinous contract for Corngreaves (London : 1829) A third letter to the shareholders of the British Iron Company introductory to evidence and proofs to relieve the proprietors from the ruinous contract for Corngreaves ; also various documents and information shewing the critical state of the company's affairs and how to obtain a remedy for the past and security for the future (London : 1829) The protracted legal proceedings regarding

3808-434: The site but by 1847 only two had been built. This number had increased to four by 1854 and six by 1860. Steel making commenced in 1884 and in subsequent years the plant was much modernised. The New British Iron Company continued to operate the works until 1894 when it was bought by a former general manager following the liquidation of the New British Iron Company. Production then continued under subsequent owners until 1912. Both

3876-404: The subscribers, Taylor and Shears resigned as directors in October 1826 and a new board was elected. The capital of the company was reduced from £2m to £1m, reducing the liability of the subscribers for further calls. Among the new directors was David Mushet who was also appointed manager. Taylor and Shears, together with Small, continued as trustees of the company's property. Under the new board

3944-475: The town of Dudley in the West Midlands . They seem to have been managed as a single unit. Corngreaves was the company's principal site in this region. It was built on freehold property acquired from John Attwood (the brother of Thomas Attwood ) to the south of Cradley Heath . The purchase price of £550,000 was approved by Taylor, Shears and Small as managing directors and trustees for the company in June 1825 and

4012-508: The vast majority of compulsory winding-up applications are made under one of the last two grounds. An order will not generally be made if the purpose of the application is to enforce payment of a debt which is bona fide disputed. A "just and equitable" winding-up enables the grounds to subject the strict legal rights of the shareholders to equitable considerations. It can take account of personal relationships of mutual trust and confidence in small parties, particularly, for example, where there

4080-516: Was finally wound up in 1844 by the British Iron Company (Winding Up) Act 1844 ( 7 & 8 Vict. c. xlvi). The new company was a more modest undertaking with a capital of £400,000. It remained on a secure financial footing for most of its existence and came to enjoy a high reputation within commercial circles. A contributory factor was the policy of divesting the company of its less profitable properties and concentrating activities on

4148-730: Was heard in February 1828 and he was found not guilty. The trustees then commenced a further action in 1830 to have the contract set aside and this resulted in a verdict in their favour in November 1832. Attwood then appealed to the House of Lords where a final verdict in his favour was given in March 1838. The contract stood and the company were liable for payment in full. This long-running action excited much interest in legal and commercial circles on account of both its length and its cost. The Company's original intention had been to erect six furnaces on

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4216-456: Was in the possession of James Griffin, who already owned 'Withymoor Works' at the same location, where, in 1813 and 1814, he had minted token coins bearing the names 'Withymoor Scythe Works' and 'James Griffin & Sons'. Francis Northall is listed as manager in 1835 Pigot's Directory of Worcestershire. Three contemporary pamphlets by Richard Cort contain much information on the early years of

4284-409: Was made in June 1892 but in September the company resolved to go into voluntary liquidation . The company continued to trade while arrangements were made for the disposal of its assets. Attempts to sell the entire Corngreaves estate as a single concern were unsuccessful, but the ironworks itself was eventually bought by the former general manager in 1894 while Noah Hingley & Sons bought the rights to

4352-540: Was only 19 years old, he became the manager of this mine. Taylor’s sons and Peter Finch Martineau ’s son and grandson were still active in its operations and oversight nearly a century later. From 1803 to 1817 Taylor oversaw the construction of the Tavistock Canal , which linked the town of Tavistock to Morwellham Quay on the River Tamar , where cargo was loaded into ships. In 1812 Taylor set up as

4420-527: Was the author of Statements concerning the Profits of Mining in England (London, 1825), edited Records of Mining in 1829, and contributed articles to scientific journals. A list of his publications may be found in the appendix of R. Burt, John Taylor, mining entrepreneur and engineer, 1779–1863 , Moorland Publishing Company, 1977. He contributed articles on mining to Rees's Cyclopædia . Taylor in 1805 married Ann Pring, sister to Daniel Pring . They began

4488-469: Was the son of John and Susannah Taylor . He was the brother of Philip Taylor . Many of Taylor’s business interests were backed by the Martineau family . In 1796 he improvised a mechanised copper ore crusher at Wheal Friendship , a mine just outside Tavistock, Devon . This machine was improved over time and became widely adopted; it was known as the "Cornish rolls". Two years later, in 1798, when he

4556-407: Was then suspended pending repairs. In 1839 the British Iron Company was still in possession but the single furnace was not in blast. An ironworks at Plas Issa, Ruabon , was listed as the property of the British Iron Company in 1847. It was sold to Samuel Giller in about 1852-4. The British Iron Company owned five ironworks in England all of which lay within a few miles of each other to the south of

4624-450: Was to erect ironworks but this plan was abandoned and the company concentrated on producing coal and ironstone for sale. The first significant shipments on the canal were made in 1827 and they continued until about 1837. The company retained a wharf at the seaward end of the canal at Giant's Grave, Briton Ferry until 1877 but no further payments are recorded for tonnage on the canal. The company spent £15,975 in 1825 on freehold lands in

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