Bult's bank, not James Bult himself, he died in 1846, had become overstretched in its dealing with the Staffordshire ironmaster and colliery owner Robert Williamson. Its last two partners were listed as James Philip Bult and George Frederic Bult.
The report of the meeting of creditors was as follows:
In explaining the above accounts, which show about 10s. in the pound, Mr. Maynard, the legal adviser of Messrs. Bult, detailed the causes which led to their suspension. These consisted solely in the large advances made, through a series of years, on behalf of collieries and iron works in North Staffordshire (the property of Messrs. Williamson), which, in addition to having absorbed all their available resources, had left them with a considerable amount of liability. The ultimate realization of the estate depended in a measure upon the proceeds to be gained from an arrangement effected in connection with those properties, and, therefore, mutual co-operation had been necessary to bring about a settlement. The assets of Messrs. Bult and Co. already in hand would pay a dividend of 5s. in the pound; and, if the terms with their chief debtors could be arranged, a further sum of 5s. would be secured. The creditors, under these circumstances, would be asked to accept a composition of 10s. in the pound, it being understood that one portion of the Staffordshire works would pay 2s. 3d. and the other 6s. 8d. in the pound. To effect this, Messrs. Williamson had gained assistance from their friends, and the funds requisite would, it was understood, be provided within a fortnight. The affairs of the collieries and iron works had been thoroughly investigated, and, encumbered as they were with mortgages and other liens, the arrangement proposed was regarded as the best that could be obtained. The feeling of the creditors was evidently favourable to the acceptance of the composition named, and after a short discussion, in the course of which Mr. L. Moseley and others expressed sympathy for the position of the firm, the annexed resolution was at once adopted :–
" At a meeting of the creditors of Messrs. James Bult, Son, and Co., held the 18th day of February, 1852, at the offices of Messrs. Crowder and Maynard, 57, Coleman Street, a proposition having been submitted to the meeting that, upon payment by Messrs. James Bult, Son, and Co., of a composition of 10s. in the pound upon the amount of all their debts above £20, they should be released from further liability; and further, that the holders of bills, bearing their names and drawn or endorsed by Mr. Robert Williamson, should receive, in addition, a composition of 2s. 3d. in the pound upon the amount thereof; and that the holders of bills drawn, accepted, or endorsed by the Goldendale Company and the Stonetrough Colliery should receive a compensation of 6s 8d. in the pound upon the amount, and that therenpon the bills should be cancelled and all parties released : it was resolved–That the above proposition be accepted, provided that the compositions be paid within one month from this date."
Source: The History of the Commercial Crisis, 1857-1858: and the Stock Exchange By David Morier Evans--Published in 1859.
Trev.