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Nelson Evening Mail, Volume III, Issue 136, 11 June 1868, Page 2

" The new Bankruptcy Bill of the Government was explained at some length on f the 23rd March, in the House of Lords, by the Lord Chancellor. It repeals the -Act of 1861,^and sets up a system almost ■ entirely new. * It abolishes imprisonment " for debt ; but a creditor who suspects that his debtor is going to leave the 'Country may bring him before a judge, who may order him to find security, and 'in default to be imprisoned. In county -courts no debtor is to be seat to prison except by the express order of the judge himself in open court ; and the judge, is have power to sequestrate one-fourth of the earnings of any debtor to satisfy his creditors. The system of trusts established in Scotland is to be introduced =— -or one closely resembling it. The power of any one to become bankrupt en his own petition ie abolished; but a debtor may advertise that he is insolvent, and if, ■within twenty-one days thereafter, no creditor takes the case into the Bankruptcy Court, the debtor may do so. The law as to composition deeds is to be made much more stringent, with a view of preventing Bham creditors from signing such deeds. The discharge of no bankrupt ie to be suspended for more than three years j but in certain cases, after-earnings of a debtor may be made liable for the payment of his debts. The County Courts are, as soon as possible, to become the BankruptCourts, and the present District Courts are to be abolished. London and twenty miles round is, however, to be made a district in which three bankruptcy commissioners are to preside— one part of their duty being to .hear appeals from the County Courts. These are the general features of the scheme, which was commented upon favorably by Lord Westbury (who, however, made some suggestions for improvements), Lord Chelmsford, and Lord Romilly. The bill was read a second time.