The Sun.
London, England, 1869-11-01 00:00:00

THE NEW LAW OF BANKRUPTCY.

One of the two great achievements of last session was
the passing of a new Bankruptcy Bill. It was a most
voluminous bill, and it will be some time before the profes-
sion, much more the public, master its details. Mr. Sala-
man has offered most efficient help by his "Practical
Guide." In a work of 102 pages (including valuable
indices) he explains the working of the Act under different
sections, and in non-technical language. A treatise of this
kind scarcely gives room for quotation, but we
may mention two or three provisions of the
Act which Mr. Salaman sets forth in terms intelligible to
everybody. A member of the House of Commons becom-
ing bankrupt will be incapable, for one year from the date
of the adjudication order, of sitting and voting, unless
during that time the adjudication is annulled, or the
creditors are satisfied. If at the end of the year there has
been neither annulment nor satisfaction, the member vacates
his scat, and a new election will take place. Another pro-
♦ision is that one partner of a firm may be proceeded
against by petition in bankruptcy without including the
others. One of the most important sections of the Act is
that providing for the appointment and the duties of the
trustee. This officer takes the place of the assignee, but
will be a far more satisfactory agent, for he will not be
allowed to devour the estate with expenses, as the
assignee now does. A solicitor will be eligible, and he will
be entitled to enter into a contract with the creditors for
doisg the work on payment of a given sum ; an innovation
on the present rules which regulate the conduct of solici-
tors that will probably have large results. The trustee
will have power to disclaim and surrender all property in-
volving serious pecuniary responsibilities, such as shares
in companies ;re not fully paid. When the whole of
the property has been realised and distributed among the
creditors, the trustee applies for an order of release, which,
being granted, secures him against all further liability in
the matter. A bankrupt will not be able to obtain his dis-
charge unless a dividend of 10s. in the pound has been
paid, except the creditors should pass a special resolution
to the effect that the inability to pay is due to circum-
stances over which the bankrupt had no control. If he
does not obtain his discharge, no portion of a debt provable
under the bankruptcy can be enforced until after three
years from the close of the bankruptcy. If at the expira-
tion of that period he has not obtained his discharge, the
balance will be deemed a subsisting judgment debt, capable
of being enforced against his property (subject to the right
of persons becoming creditors after the bankruptcy). Even
if the bankrupt should die, the proceedings may continue
as if he were alive. Post-nuptial settlements are void if
the settler becomes bankrupt within ten years of the date
thereof, unless he can shew that, at the time of making the
settlement, he was able to pay all his debts without in-
cluding the property so settled.

" A Practical Guide to the Bankruptcy Law of 1869." Ely Joseph
Seymour Bitlamtoi, Solicitor. London ; Grocuubridge.

TiuD '"•4'

HER MAJESTY.

BALMORAL CASTLE, Oct. 28.
Her Majesty, accompanied by Princess Beatrice,
went out in the morning.
The Queen, attended by the Marchioness of Eli+
drove out in the afternoon.

VISIT OF THE KING AND QUEEN

OF 7HE BELGIANS.