WHEREAS many well meaning Persons, by Reason of Divers Losses at Sea, or other Misfortunes, are become Insolvent, and tho' willing to Pay their Credi­tors as far as they are able, yet by the aversness of some few Creditors, or the Incapacity of Executors, Administrators, Guardians and Trustees, to Compound, do Consume what they have left of their Estates, either in Prison, or in Priviledged Places, or beyond Seas, without giving any satisfaction to their Creditors, who often times after a long Delay have lost 5, 10, 15 Shillings, or more in the Pound, which by a speedy Complyance they might have had for their Debts.

For Remedy therefore of such Inconveniencies, not yet provided for by former Laws▪ The Bill Enacts,

THAT an Agreement, or Composition offered by a Bankrupt, and accepted by Two Third Parts, or more, in value of his Creditors, being put in Writing, and Subscribed and Sealed by the said Creditors, or by any other Persons thereunto lawfully Authorised, shall be Binding to all his other Creditors, as fully and effectually, as if all such other Creditors had Actually made, subscribed and sealed such Agreement, or Composition, and that all Executors, Administrators, Guardians, and Trustees, who shall comply with such Agreement, or Compo­sition, shall not be Charged, or Chargeable for any Wasting, or breach of Trust, or Accoun­table for more than what they shall actually receive for the Debts so Agreed, or Compounded for. There are also Clauses in the Bill for preventing Frauds of all kinds; besides the Penal­ties which by other Laws already made, are to be Inflicted on any person that shall Fraudulent­ly Claim any Debt which is not Bona Fide Due from the Bankrupt.

• I. THE present War, and Circumstances of several Trading parts of the World, where many persons are of late become Bankrupts, I have made the failure of Trading persons in Eng­land more frequent and unavoidable, and therefore more Reasonably Recommends them to the Repre­sentatives of the Nation for Relief.
• II. The Matter proposed by this Act, is according to the Maxims of all Men, in all times, upon all occasions, (viz.) That of Two Evils the Least is to be Chosen.
• III. It is pursuant and agreeable with the Laws and Customs of other Trading Parts of Europe, and of what fatal consequence the aversness of some few Creditors, and the Incapacity of others to com­pound, hath been in England, is too well known, where the refusal of some few Creditors hath given way to a violent presecution of Commissions of Bankrupt, and Rifling of Bankrupts Estates, untill the Estate, and the Bankrupts, and their Families have been destroy'd, and are bec [...]me unprofitable, and as it were, dead Members of the Common Wealth, the Statutes having no Regard, either to Honesty or Knavery, or to Losses, Fire, War, or Shipwrack, the Common Calamities of the World, whereby Persons are disabled from paying their whole Debts.
• IV. It is the practice in all Societies of Men, that a Major part shall bind the Lesser, even in matters where every particular Member has an Interest. It is the Rule that all Colledges and Companies pro­ceeds by, in setting Fines, making Leases, Elections of Members, and all other matters relating to their several Societies, and is grounded upon great Reason, for otherwise the variety of Men's Ʋn­derstandings, and oftner of their Interest and Wills, would make all Debates of Business perpetual and endless. And in the particular Case of this Bill, 'tis to be presumed, that a Majority will not accept of a Composition without apparent Reason that they cannot get more, (for if the Dissenting Creditors know that the Bankrupt is able to give a greater Satisfaction, they will not fail to publish it to hinder the making of the Agreement) and then surely the Major part will be wiser in accepting some thing, than in hazarding all to be lost.
• V. That often times the Aversness of some few Creditors to Compound, hath proceeded from no other Reason, than the hopes of forcing a Bankrupt to allow them a greater Composition than he was able to pay to his other Creditors, in proportion to their Respective Debts, and thereupon the Bank­rupt despairing of seeing an end of his Troubles, hath conveyed away his Estate, and all his Creditors have lost what they might have had by a Reasonable Composition.
• VI. This Act will Relieve the Trading Subjects of England from a Notorious Oppression they lie un­der, by Reason of the difference between our Laws, and those of Foreign Nations, for if a Person fails in England, a dissenting Creditor that lives beyond Seas shall obstruct the whole Agreement made in England by the rest of the Creditors, whereas if a Person that fails in any Foreign parts, is Debtor to an Inhabitant in England, the latter is wholly concluded by an Agreement made by the Majority of the Creditors beyond Seas, without so much as giving him Notice of the making of such Agreement, or Asking his Consent.