IN RE NATIONAL BENEFIT INSURANCE COMPANY, LTD.

(1932) 43 Ll L Rep 484

CHANCERY DIVISION.

Before Mr. Justice Eve.

Insurance-Reinsurance-Policies issued to applicants by N M Co. (in liquidation) -Statement in policies providing that liabilities of N M Co. were guaranteed by N B Co. (also in liquidation) - Loss under policies issued by N M Co. - Applicants' proof against N B Co. rejected by liquidator -Proof of guarantee-Held, that applicants had not established any agreement of guarantee by the N B Co. and were therefore not entitled to prove on that ground; but that the N B Co. were estopped by their conduct in allowing such policies to be issued with such indorsements from denying that the liabilities of the N M Co. were guaranteed by them; and that the applicants were accordingly entitled to prove in the winding-up of the N B Co.