The Express.
London, England, 1849-05-24 00:00:00

MEETING AT MANCHESTER.

Yesterday a meeting of the merchants and traders
of Manchester was held at the Albion Hotel, Manchester, to
coosiner the propriety of supporting the bill now before par-
liament for the amendment of the bankruptcy laws. There
was a respectable and highly influential attendance, and Mr.
JAMES t.l•ou,root, merchant, Maley-street, was called to
preside.
The CHAIRMAN said the committee of the Manchester As-
sociation for the protection of the intercom of the wholesale
warehousemen and manufacturers having had it brought under
their notice that a bill was brought into the House of Lords
by Lord Brougham for the cootiolidation and amendment of
the bankruptcy laws, were desirous of examining the bill and
supporting its enactments as fir as was consistent with
justice, end they bad I retained the bill for that purpose, but
finding that they wore not possessed of suffii ient level know-
ledge to dissect the hill thoroughly, they had engaged for
that purpose Mr. Sale (of the tiros of Sale, Worthing-
ton, and Shipman), a gentleman learned in the law,
who would give them more minute particulars as to
what had been done and was desirable to be done
than he (the chairman) could do. Mr. Sale would ex-
plain what proceedings had been taken in London ; for the
committee upon the bankruptcy laws is London had exerted
themselves very energetically and with great span., and to
them they were principally indebted for the amendments
which were likely to be effi-cted. Mr. Sale bad been in
London, and would inform the meeting hew the bill had
proceeded, end what steps had been token there. (Applause.)
Mr. SALE then rose,and made the following report to the
meeting
" Your committee have long felt the evils of the present
bankrupt laws, and have taken step. from time to time to
procure some improvement; but it is only during the pre-
sent session of parliament they have had reason to hope that,
mainly through the unceasing exertions of the London com-
mittee, with whose labours the members of this asiociation
are not unacquainted, there is ev.ry prospect of securing a
moot Repor ant and beneficial change. Your committee
have been in communication with the London committee,
and have sent a deputation to London on the subject, and
are glut to report that the proposed bill, as finally approved
by the House of Lords on Friday last, contains many altera-
tions which your committee consider to be decided improve-
ments, the most important of which they now preceed to
explain ; and, in doom this, your committee pass over many
very useful minor improvements:
"The payments of 201. and 101., now payable out of all
eetates, whether large or small, are given up, and a small per-
centage on the gross produce of each estate is substituted. A
secret transfer of property is made an act of bankniptcy,under
regulations well calculated to prevent fraud. Seizure under
execution, in any action to recover money or debts, is made
en act of bankruptcy, provided bankruptcy take place within
a month ; but the execution creditor is to be paid bit costa,
unless in case of a judgment, or ,cosnovit, or warrant of at-
torney. A trader debtor must, if sammoned to the court,
either file an affidavit of merits, or pay, or ;compound within
seven days—the prevent time being fourteen dap, and no
affidavit of merits being now required : but the debtor's own
affidavit, that he has a good defence, bring sufficient. Pro-
ceedings will commence in the district courts, instead of by
application to the Lord Chancellor, in London, for a fiat, as
at present. No trader is to be allowed to make himself bank-
rupt, unless he can pay five shillings in the pound and costa.
The district commissioner con arrest a trader who is about
to leave the country, or remove, or conceal his goods.
If a debtor toe bankrupt estate admit his debt, the commis-
akmer can order and enforce payment, without any neets.ity
for an action as at present. All payments, and all d- liveries
er tranoten of goods within two months of baokruptcy will
be fraudulent preferences, unless made in the ordinary
mune of business ; and all deeds and securities are placed on
the same footing, as also are wan ants of attorney and cogno-
vit.. Interest at 4 per cent is allowed on all debts overdue
at the time of the bankruptcy, which is now confined to
deb's on Dills and other securities only. The commissioner
may deprive bankrupt, under special circumstances, of pro-
perty after acquired, except by his own personal earning;
and such after acquired property will be divided amongst
creditors. Zither creditors or bankrupt may appeal against
the commissioner's deci-ion respecting certificate, but a
bankrupt must give security for meta. A debtor may make
• private arrangement with his creditors under superintend-
ence of court, and with the consent of thr -e-fifths of his cre-
ditors ; but under special regulations fixed by the bill, and
subjrct to bankruptcy if his conduct should prove fraudulent.
Deeds of arrangement, whether by assignment, inspection,
or composition, will be binding on all creditors, if vented
to by nine tenths in number and value of creditors whose
debts amount to 101. and upward', but not until the expira-
tion of three months. The court may order the prosecution
of bankrupts at the cost of the estate ; and if no estate, out
of the general fund for working the court. Bankrupt will
not be entitled to his certificate or protection, if guilty of any
of the following offences :
" 1. If the bankrupt shall at any time after hie bank-
ruptcy, or within two months next preceding his bankruptcy,
with intent to conceal the state of his &Mks, or to defeat the
object' of the law of bankruptcy, have destroyed any book,
paper, deed, writing, or other document, relating to his
trade, dealings, or estate. —2. If the bankrupt shell, with
the like intent, have kept or caused to be kept false books,
er have made false entries in, or withheld entries from, or
wilfully altered or falsified, any book, paper, deed, writing,
Of other document relating to his trade, dealings, or estate.
—3. If the bankrupt shall have contracted any of his debts
by say manner of fraud, er by means of film pretences, or
shall by any
_manner of fraud, or by means of false pretences,
have oWdned the forbearance of any of his debts by any of
his ezeditees.-4. U the benbupt shall at any time within
two swaths aszt_posesdiaa his benkraptsy fraudulently, in
eandsmplatkm_ . tat beskruptsj, and not under preassa
kid es, it eadliers, tit latent of dintiais
MI Is lie &villa smog his creditors, or of
ea
mike jasksease Se any of his creditors, have e" •
or added- NI suet medlar, wholly re is peri..ter.4
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