The Sun.
London, England, 1809-08-10 00:00:00

LAW' REPORT.

COURT CIIANCEitY, AirG 8,
PETITION.
CREDITORS OF MAY, STItL, 'AND CO. EANKIWPTi;
3N- THE MATTER OF M`LACHLIN AND GAULT,
tANkRUPTS.

The LoRD CiTANCEtLoR gave judgment in this
case. He entered fully into the facts at the case.—
It appeared that May Still, and Co. were mer-
chants in the City of London on the 17th of Serp-
tember, fBO7-, they stopped payment, and a com-
mission of bankruptcy was taken out against them;
M`Lachlin and G.tult were creditors to the amount
of 72001. Oa inspeaing the books of May, Still;
and Co. they were of opinion that there were assets
to cover more than they were indebted. .11/I`Lacli-
lin and Gault called a meeting of May, Still, and
Co's.creditors, and offered to become security for
their debts, payable by ins'alments, the last to.be.
payable in two years, for which they would give
bills of exchange, on condition that the credit6r
would allow theta to draw iturnediately 72001. out

of May, Still, and Co.'s estate ; this was agreed
to by the creditors present, with this proviso,
that M‘L:schlin- and Ganit.should not be entitled to
draw out the 72001. without the whole of the ore-
ditors assenting to thiS agreenient. , The creditors
present (thepetitiOners.) received bills of exchange

from M‘Lachlin and Gault, fur the amount of their '
laiine; but several of the other creditors would
net accept of the terns. M'Lachlin and Gault,
regardless of the. proviso which restrained them,
without the. consent of the ivliole of the creditors,
aietually drew-out I 0,0001. from the estate of May,
Still, and Co. ; two of the payments became due,
which were never paid. In March, 1808, another
meeting of the creditots took place, when M' Lach-
lin and Gault stated they bad been deceived as to
atfairS of May, -Still, and Co; that they bad
since found out, 'that the partner of the house, in
Newfoundland, had drawn on the firm to an enor-
mous amount, and that it would be cruel and nue
just to hold them to their. agreement. The credi-
tors agreed to cancel their security, on condition
that they refunded the money they had drawn from
the estate, which they refused .to do. There.wee
afterwards a dividend' of four shillingS in the pound
out of May, Still, and Co.'s estate: Shortly after
March, 1808, a commission of bankruptcy was
taken out against M‘Lachlite and Gault. The pre-
sent petition prayed that the Petitioners might' be
allowed to prove their several bills of exchange nee.
der that cointnissiOn.
His Lordship commented most ably on the dif-
ferent points of the case, and observed, it was net
more than justice, that the petitioners should be allow-
ed to prove; under the commission against M`Lachliie
and Gault ; their estate had been benefited. by 010
agreement. It was not for them to set up di*
proviso, that all; the creditors should have co'
esented. It was not made for them, nor
it contemplated for their benefit. It was to pro-
vide that the Petitioners, should not be placed
a worse situation than the other creditors.--
He therefore direeled thit they. should be 'allowed
to prove, under the commission, their several bills
of exchange.

A youth of thirteen years of age, the only sor'
of Sir Edward Price, Baronet, of 8r,,0k-house, 111
tli. Cuvr.ty .o,,rra.ravat of of wcs in0r.,0041-
house, London, has been ever since the trith olt•
missing from the residence of his disconsolate P.
rents. The young Gentleman will, on his attainllls
L the age of. twenty-one years, become possessed of a
fortune of 20,0001. per annum.
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