The Sun.
London, England, 1842-08-03 00:00:00

ABSTRACT of the BANKRUPTCY
LAW AMENDMENT BILL.

The defective and unaatisla3tory. state of the pre-
sent Law of Bankruptcy, has long been matter of
general complaint. A systematic reformation of
these laws, however, which have regard to such an
enormous amount of property in this kingdom, is
now being attempted, and an endeavour to have them
passed and enacted by the Lord Chancellor ; to facili-
tate the practice where it was heretofore tardy or
irresolute ;\ to lay down sure and certain demarca-
tion-lines, where before the boundary-rules were
indefinite and vague ; and to ensure protection to,
and avert inconvenience from, both the bankrupt
trader and the party prosecuting,—such appears to
be the intent of the new Bill. The following is an
outline of the principal clauses :
CREDITOR'S BOND DISPENSED WITH.—The first
great obstacle to the petitioning creditor in issuing
the fiat of bankruptcy against the trader, namely, that
of requiring a bond to be given, as a condition for
proving his debt and other contingent circumstances,
may by the clauses of the present Bill be dispensed
with (clause 3), and the fiat be transmitted direct to
the'Coureauthorised (4).
As a check to frivolous or vexatious bankruptcy
suits, it is designed to enact (9) that the single debt
of any creditor petitioning for a fiat shall, at the least,
amount to 501. or upwards.
NEW PARTIES TO BE ADMITTED AS " TRADERS."—
All livery• stable keepers, coach-proprietors, carriers,
shipowners, auctioneers, apothecaries, market-garden-
ers, cowkeepers, brickmakers, alum•makers, lime-
burners, and millers, are to be considered as traders,
and consequently subject to be bankrupts. The in-
decisive judgments given in the reports respecting
each of these callings, many of which deny them the
qualification of being considered in the light of traders,
will, by this clause, be settled distinctly.
Clauses 15, 16, 20, 21, and 22 state various acts
which are to be considered as constitutives of acts of
bankruptcy.
DISPATCH ENACTMENTS.—For the speedy expe-
diting and dispatch of a bankruptcy affair, any per-
son adjudged a bankrupt is to have five days to con-
test the adjudication, and the adjudication may be
advertised sooner if he wills (23) ; while in case of
his neglecting to proceed with this diligence and effect,'
thus made incumbent upon him, the parties may re-
gard him as de facto a bankrupt, and proceed accord-
ingly without further notice (24) ; also that audits
and dividends may be had and made whenever
the Court think fit after the time appointed
for the bankrupt's last examination (26) ; also that
search warrants may be granted for any property
of the bankrupt's, reported to be stolen or con-
cealed (30).
PENALTIES ON ILLEGAL BANKRUPT ACTS.—The
penalty for any refractoriness, or drawback, in
any shape, of books, property, or effects is to be made
punishable as felony (32) ; while the falsification of
any papers or documents (34), or obtaining goods
with fraudulent intent within three months of the
issue of the fiat (35), is to be regarded, and visited as
a misdemeanour.
CERTIFICATES.—RUIOS for the allowance or refusal
of the certificate to the bankrupt on his passing,
are laid down in clauses 36-42 ; they are chiefly
ordinary enactments ; the fortieth, however, imposes
a penalty in the case of a creditor being bribed by a
bankrupt not to oppose him, of a forfeiture of treble
the amount of whatsoever goods or money, may have
been received by the offender.
COUNTY COURTS, THEIR POWERS, OFFICERS, &C.—
The appointment of Courts in the country, whereby
the organisation and working of the new system may
be spread over the whole of the United Kingdom in
the localities where the bankruptcy occurs, are,
in all cases where the fiat is not directed to
the London Court of Bankruptcy, to be prosecuted
on the - spot before parties, and in places authorised
(43); copies of these country fiats, however, and their
proceedings to be transmitted to the central town
Court, and there filed as records (44). The 48th
clause respecting bankruptcies which shall be pending
at the time of the passing of this Act, is to put an end
to the authority of all particular Commissioners then
acting in such cases, and to transfer the fiat either to
town or country as the Chancellor may judge fit.
Further, as regards the administrative country part,
sergeants, or barristers, not exceeding ten, may be
appointed to sit upon and prosecute fiats as additional
Commissioners (50), and also a similar number
of Deputy Registrars for the country, according as
one or more may be needed for the furtherance of
business ; and by clause 66 a Deputy Registrar of
the Court in London may be appointed to assist any
acting party in the country, and so vice versa.
Clauses 55 and 58 lay down very definitively the
exact jurisdiction of these Courts, which are to be
immediately under the rule and governance of the
London Court.
OFFICIAL ASSIGNEES AND THEIR DUTIES.—The
appointment of Official Assignees also for the country,
to consist of not more than thirty, chosen from
among accredited and responsible traders of the
kingdom, together with a specification of their
duties, and the liabilities in case of dereliction (45)
—the due restriction of their powers (46)
the method to be pursued in event of their
vacation of office (47)—and their empowerment
to act in conjunction with the existing assignees under
such bankruptcies, and to whom the latter shall deli-
ver over all effects, are provided for in the clauses
enumerated.

ABOLITION OF JUDGES, CLERK OF ENROLMENTS,
&C., IN BASINGHALL-STREET.—By clause 54, the
office of Chief Judge of the Court of Bankruptcy,
and the office of one of the other Judges of the
said Court, now held by a Master in Ordinary
in Chancery, are to be abolished, and the
Court of Review, after the passing of the Act, be
formed by one udge of the Court of Bankruptcy.
The office of Clerk of Enrolments, on vacancy, to be
done away with, and his duties supplied by the Re-
gistrar in Basinghall-street (61), and all warrants to
be issuable alone under the hand of a Commissioner of
the Court.
This Ackextends to 22 folios, with schedules ap-
pended, and is proposed to commence and take effect
on the ensuing eleventh of November.