 Under this agreement, Waters, Jones & Co. would meet all the assets of Carmarthen Bank under the supervision of inspectors, who were to receive the proceeds of realisation of the assets on trust for the bank’s creditors.This agreement contained a proviso that if the partners of Sir James Esdaile & Co., bankers of Lombard Street, London, and certain other creditors holding nine-tenths of the value of the bank’s debts, did not execute the agreement before 1 May 1832, the agreement would be void and a commission of bankruptcy would be issued against Waters, Jones & Co.Although the partners in the bank, and some of the creditors, signed the agreement, the partners of Sir James Esdaile & Co., who were owed a large amount, did not.