THE BANKRUPTCY LAWS.

Globe, Volume XXII, Issue 2000, 22 July 1880, Page 3

THE BANKRUPTCY LAWS.

[By Tbleqbaph.] [rBOSt OTTE OWN COBHKBPONDBNT.] WELLINGION', July 21. The Bankruptcy Law Committee have reported to the House to the following effect: — The committee resolved that an amendment was required in tho direction hereinafter indicated, and that the Government be requested to bring in a Bill during the present session embodying the amendments proposed. The committee further resolved that an amendment of the law of bankruptcy should form the subject of a final report. Tho committee recommend that the present Debtors and Creditors Act be amended in tho following respect : —l. That meetings of creditors should be held in the town in which the bankrupt carried on business, or the town nearest his place of residence if the place of residence is not in the town. 2. That an official assignee bo appointed by the Government for each Court having jurisdiction in bankruptcy, and that the creditors shall have power to appoint one or more trustees in each estate to act with tho official assignee, and to find security to the satisfaction of tho Judge to meet the salaries and expenses of the offioial’assignees. The committee recommend that tho minimum charge of per cent, be paid upon all assets that are brought under tho jurisdiction of any Court. 3. Any person shall not he entitled to his discharge unless and until a resolution shall have been passed by a majority in number equal to threafourths in value of tho creditors, and at a meeting convened for the purpose of considering euoh resolutions. The majority shall not be a more majority of those at the meeting, but of the whole body of creditors, so that it will be necessary for the debtor to secure a sufficient attendance

the purpose of this provision. A person who has been scheduled by the debtor as a creditor, but who did not prove, shall be_ considered as one of the body of creditors, although of course he cannot vote till he has proved. The object will be to make assent to the right of discharge, so that there shall bo an actual consent to the discharge by a majority in number equal to three-fourths in value of those persons who are in effect creditors. The decision of the creditors in refusing to give or grant a discharge shall be subject to revision by the Court. 4. That the present mode of arrangement by deed be repealed, and that any debtor unable to meet his engagements be compelled to file a declaration to that effect. That the filing of such a declaration shall operate to stay all hostile proceedings against the estate until the creditors have determined whether the estate shall be wound up by a trustee or in bankruptcy, and that the assent required to the release of the creditor be three-fourths in number and value of all creditors, whether present or not. 5. That no bankrupt shall obtain his discharge except by order of the Judges of. the Supreme Court or District Court, in open Court.