The Bankruptcy Act

Feilding Star, Volume V, Issue 3, 8 January 1884, Page 3

The Bankruptcy Act

The Bankruptcy Act passed last session came iito fall operation on the Ist inst., and we understand that the four Official Assignees appointed hare already entered <. «a their duties. It is generally considered that the Act is a much mare ' stringent one than any previously passed on the subject, and a good deal is hoped for by the mercantile world generally in - consequence, though there are some business men who doubl the possibility of any Bankruptcy Act which can be formed really accomplishing its ostensible objects, and who would abolish all bask rapty laws and courts and trust to the r restriction of credit for security to traders. •There is one clause— the last of all— which ■ h*» not hitherto received the attention it ■:/ deserves, and is of a very important character. Referring to the repeal of previous Aett, it provids that" all estates and persons brought und r the operation of the said repealed Acts or any of them before the commencement of this Art shall be subject to the provisions of the said Acts as if the same had not been -repealed, or may, if so ordered by the - Court, be dealt with un<'er the provisions of this Act." This may be necessary, but it is certainly open to the objection of oeing ex post facto legislation. Under ' this clause, the Court may, if it thinks fit, •deal with a bankrupt or his estates under the new Act, even though the bankruptcy was filed before the Ist January, or even the new Act was passed. Those whose estates, therefore, were sequestrated some months ago may not be of necessity out of the clutches of the Court, unless, indeed, they have already obtained ■Aeir certificates.