Frangopulo Agelasto and Co. bankruptcy

From The Times (London) 27 Aug 1880, p 11 (on the business pages):

The suspension is also announced of Messrs. Frangopulo Agelasto and Co., merchants, of London and Liverpool. They also carried on business in Alexandria and Aboussir as A. Nicolopulo and Co. The present firm in London dates from 1863, but the business was begun in Manchester about 50 years ago. In 1867 the business in both Manchester and Cairo was discontinued. The suspension took people here by surprise, as the credit of the firm was good; but it has, it is stated, been caused by transactions of one of the partners in Alexandria unconnected with the business of the firm, and which have only recently came to light. The liabilities are placed at about £250,000, and “a favourable liquidation is expected.” Messrs. Hollams, Son, and Coward are the solicitors, and the books are in the hands of Messrs. Cooper Brothers and Co.

An abbreviated version of the above appeared in sequential editions of The Aberdeen Weekly Journal 27/28 Aug 1880, The Liverpool Mercury, 27 Aug 1880, The Leeds Mercury, 27 Aug 1880, The Preston Guardian, 28 Aug 1880, and The Daily News (London) 3 Sep 1880. The account in The Leeds Mercury, 30 Aug 1880, attributed the problem to:

…outside speculations in Stock Exchange securities by Mr. Nicolopulo at Alexandria, without the knowledge or sanction of the partners in England...These losses represent the results of transactions spread over several years. The firm of Frangopulo, Agelasto, and Co. is made liable for about £80,000. These liabilities are all due at Alexandria, the firm owing no debts whatever in England. The failure has occasioned both surprise and regret on 'Change, and universal sympathy is expressed for Mr. Galatti and Mr. Agelasto, the Liverpool and London partners.

Freeman's Journal and Daily Commercial Advertiser (Dublin), The Hull Packet and East Riding Times, 27 Aug 1880 and Glasgow Herald, 27 Aug 1880 printed the company’s public letter:

Great Winchester Street Buildings

London

August 26 1880

Gentlemen--We regret to inform you that in consequence of the recent discovery by our partners resident in England of various irregularities in relation to our partnership business at Alexandria, we find it necessary in the interest of our creditors to suspend our payments. Our books have been placed in the hands of Messrs Cooper, Bros, and Co, of George's street, Manchester House, E C, with instructions to prepare a statement of affairs, and submit it to the creditors as soon as practicable. We are, gentlemen, your obedient servants.

Frangopulo, Agelasto, and Co.

From The Times (London) 3 Sep 1880, p 10 (on the business pages):

COURT OF BANKRUPTCY

(Before Mr. REGISTRAR MURRAY.)

In this case Mr. R.V. WILLIAMS applied for the appointment of Mr. Arthur Cooper, accountant, as receiver and manager of the estate. There were eight partners, who traded as merchants in London and at Liverpool under the firm of Frangopulo, Agelasto, and Co., and also at Alexandria under the firm of A. Nicolopulo and Co. The liabilities amounted to about £250,000.

Mr. WILLIAMS said that there was this feature in the case—two out of the eight partners were abroad, and had not been able to join in the petition. He submitted, however, that as there was no solvent partner within the jurisdiction, the Court would appoint a receiver of the partnership estate.

The REGISTRAR was of opinion that under the petition as filed he could not appoint a receiver for the joint estate. He could only appoint a receiver of the property of the petitioners.

Mr. WILLIAMS said that he would renew the application when he looked into the authorities, as he was satisfied that in the circumstances the Court had jurisdiction to appoint a receiver of the joint estate.

From The Times (London) 4 Sep 1880, p 12 (on the business pages):

COURT OF BANKRUPTCY

(Before Mr. REGISTRAR MURRAY.)

Mr. R.V. WILLIAMS renewed an application in this case for the appointment of Mr. Arthur Cooper, accountant, as receiver and manager of the estate. There were eight partners, who traded as merchants in London and at Liverpool under the firm of Frangopulo, Agelasto, and Co., and also at Alexandria under the firm of A. Nicolopulo and Co. The liabilities were estimated at about £250,000 and assets at £60,000. Six out of the eight partners had filed their petition, two of the partners being abroad, and the question arose whether, under the circumstances, the Court would appoint a receiver of the joint estate.

After hearing the argument of Mr. Williams,

His HONOUR held that he could only appoint a receiver of the property of the petitioners, not of the joint estate, and made an order accordingly.

The court proceedings were summarized in The Liverpool Mercury, 3 Sep 1880, The Western Mail (Cardiff, Wales), 6 Sep 1880, and The Pall Mall Gazette (London) 3 Sep 1880 as well as The Leeds Mercury, 4 Sep 1880, which titled its squib “The Great Mercantile Failure” Reynold's Newspaper, 5 Sep 1880, called it a 'Heavy Bankruptcy'.

A final liquidation was made by arrangement (Glasgow Herald, 15 Sep 1880).

This relates to John Michael Agelasto, Dimitrios Augustis Galati, James Stamati Frangopulo, Lucy Stamati Frangopulo, George Stamati Frangopulo.