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Scottish Court of Session Decisions
You are here: BAILII >> Databases >> Scottish Court of Session Decisions >> Assets Co., Petitionees [1886] ScotLR 23_276 (6 January 1886)
URL: http://www.bailii.org/scot/cases/ScotCS/1886/23SLR0276.html
Cite as: [1886] SLR 23_276, [1886] ScotLR 23_276
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SCOTTISH_SLR_Court_of_Session
Page: 276↓
Court of Session Inner House First Division.
Facts:
A bankrupt was discharged without composition, and his trustee was also discharged. It was subsequently discovered that certain funds had, unknown to the trustee, been vested in the bankrupt prior to the sequestration, and of the existence of which the trustee had not become aware. The Court, on the application of creditors, remitted to the Lord Ordinary on the Bills to appoint a meeting of creditors for the election of a trustee on the sequestrated estate with the usual powers.
On 31st October 1878 the estates of Messrs Matthew & Thielmann, and Thomas Matthew and Robert Hardie, the individual partners of that company, were sequestrated, and James Wyllie Guild, chartered accountant, Glasgow, was elected trustee.
On 5th September 1884 Mr Guild, having duly observed all the procedure required by the Bankruptcy Statutes, was duly exonered and discharged of his office of trustee.
By last will dated 30th August 1871 John Robertson Stewart, of the city of Victoria, Vancouver's Island, British Columbia, gave and bequeathed to the said Robert Hardie the sum of £1000. The testator died on 17th September 1873, and the legacy vested in the said Robert Hardie at that time. Owing to a deficiency in the testator's estate the amount actually available in respect of this legacy was only £405, 14s. 5d., which sum was at the date of this petition lying in bank on deposit-receipt. At the date of Mr Guild's discharge he was not aware of the existence of this legacy, which had not been disclosed by the bankrupt.
The liquidators of the City of Glasgow Bank were creditors on the estate of Matthew & Thielmann for £34,984, 10s. 9d. By the City of Glasgow Bank Liquidation Act 1882 (45 and 46 Vict. c. 152) the whole assets of the City of Glasgow Bank were vested in the Assets Company (Limited), who were thus in right of the claim against Hardie's estate, and accordingly on 30th November 1885 they presented the present petition with a view to have distribution made of the funds which had been discovered.
The prayer of the petition craved the Court to order intimation to Mr Guild, and to Hardie, and to remit to the Lord Ordinary on the Bills to appoint a meeting of Hardie's creditors for the election of a trustee, and to appoint such meeting to be advertised in the Gazette, &c.
Authority— Trappes v. Meredith, Nov. 3, 1871, 10 Macph. 38.
The Court remitted to the Lord Ordinary to proceed in terms of the prayer of the petition.
Counsel for Petitioners— G. Wardlaw Burnet. Agents— Cairns, M'Intosh, & Morton, W.S.