The Sun.
London, England, 1858-08-20 00:00:00

THE NEW BANKRUPTCY ACT.

The Bill for Aitendiag the Law of Bankruptcy, intro-
duced by the Chancellorjust before.
the close of the session,
prelims very
pup ntaut modifications in the law and prac-
ticecf the court, and will, no doubt, furnish abundant mate-
!lois for discussion when Parliament meets.. Meanwhile an
abstract of its leading provisions may be found useful, con-
sidering that the bill consists of no less than 480 clause!' in-
volving an amount of technical detail which few persons
outside the legal profession will have the time or inclination
to examine.

It is proposed that the Court of Bankruptcy shall have a
primary jurisdiction and control in all matters of bank-
ruptcy ; shall hear, determine, and make orders so far as the
assignees are concerned, " relating to the disposition of the
estate and effects of the bankrupt, or of any estate or effects
taken under the hankrup•cy and claimed by the assignees
for the benefit of the credit rs, as well as in any mater of
bankruptcy whatever as bete cen the assignees and any cre-
ditor or other person appearing and submitting to the juris-
diction of the court," &c., subject in all cases to an appeal to
the Court of Appeal in Cnancery. And whereas, in the
hearing of such appeals, questions of common law fre-
quently arise, it is proposed that " the Court of Appeal
may, it' it think fit, sit on appeal under this act, with the
assistance of any judge or judges of any of the superior
Courts of Common Law at Westminster." The commis-
sioners are also required and empowered to sit in chambers
fer the despatch of such part of the business of the court as
can, "without dettituent to the public advantage, arising
from the discussion of questions in open court," be heard
in chambers • the chamber business el each commissioner
to be carried' on in conjunction with his court business,
the jurisdiction of the commissioner to be the same, in
respect to the business brought before him, as if be were
sitting in open court, any order made in chambers having the
same effect as if made in court. Legal men will recognise in
these proposed changes very important amendments. The
filling up of any existing vacancy in the office of commis-
sioner or registrar shall depend entirely upon the opinion of
the Lord Chancellor as to the state of the business of the
court. The next vacancies in the office of commissioner in
London, and of registrar, shall not be filled up, and it shall
be competent for the Chancellor to direct future vacancies
not to he filled up except upon special order; and vacancies
in the Commissionerships, &c., in the Insolvent Debtors
Court shall not be filled up until an act of Parliament sb:r181
otherwise provide. The 99th clause enumerates tho.s!.trad the
liable to become bankrupt. The list, after specifying
alliga.pinegr:
ordinary commercial occupations, includes finally lgrarig
sons using the trade of merchandise by
exchange, bartering, commission, consiguwa%
in gross or by retail, and all persons who,
eitot,hoerrofethresvise
their living by
for hire, or by
them-
selvesbyi or
nads agentshg of
factorsbybayfionrgo t bre rsl;
letting
trailers liable to become bankrupt;
or workman for hire, receiver.
the workmanship of goods or COepordoivtiidese,dsthialallt beno deemed
grazier, common labourer, r
or subscriber to, any incor-
porated,company, establisher' by
general of taxes,me
commercial, or shatl he deemed, as such, a
charter or act of Parliament, _
If
however, any joint-
it -m act of bankruptcy, tis bill pro-
posesstoek company rocriaml,emorbetraodflog
arnoopt other arrangement., to
that a petition of
trader liable CO big=
bankruptcy may he tiled as against
bankrupt." ,
itushuelbjbeica::akrocpatpcayecitty,the company shall nut
-tied to be the bankruptcy of any member of such
nor shall his separate
be e''''l' ' • e'v'dti 1
con?:
iprn
.a:y. bankrupts,
,ci:
tt
!hst
property vest iu the assignees of such company under the
bankruptcy.
The bill deals at great length with the choice of assignees,
their rights and duties, with proof of debt, payments, and
liquidation, &c. We furnish this outline of the more im-
portant changes proposed, leaving the discussion of the
question until the bill is once more before Parliament.—
,shipping Gazette,