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

NOTTINGHAM. ELECTION.

Mr. Walter took the oaths and his seat for Notting-
ham. The Hon. Member was conducted to the table by
Sir R. H. Inglis.
BANKRUPTCY LAW AMENDMENT BILL.

The House resolved itself into Committee on this Bill.
On the 49th clause, for appointing official assignees in
.the country, being proposed,
Mr. M. PHILIPS. wished to knew of the Attorney-
General, if it were intended to pass this clause, what re-
muneration the assignees Were to receive, and how they
were to be appointed, with security to the public?
The .ATTORNEY-GENERAL said, that in an-
swering the question of the Honourable Gen-
tleman opposite, he should direct himself, first,
to the system of the assignees ; and, secondly, to
the mode of their remuneration. When it was proposed
by Lord Brougham to introduce official assignees into
the courts in London, he (the Attorney-General) had
considerable doubts as to the result of such a measure,
but, upon mature consideration, he ascertained that the
system was by no means so objectionable as it appeared
at first sight. The following short statement would
show in what manner that Bill worked. In 180
estates under the new system of proceeding by fiats, the
proportion of debts collected, as compared with good
debts, was •72i per cent. In eighteen estates taken at
random, under the old commission, the proportion of
debts was only 38 per cent. The advantage of the
present system would also appear from this :
Of the number of debts not exceeding IL, the amount
stated was 2,288 L, and the sum actually collected was
2,1751. ; of debts above 1/. and under 2/ the amount
stated was 1,3991., and the sum collected 1,079/. ; of
debts above 2L and under 5/. the amount stated was
1,929/.. and the sum collected 1,568/. ; and of debts
above 51. and under 10/. the amount stated was 1,139/.,
and the sum collected 8451. ; making a total of 7,348/.
stated, and 5,6671. collected, being not less than 77 per cent.
The scale of remuneration to assignees 5 per cent. for
sums under 100/.; 2l per cent. for sums under 2001. and
so on .diminishing in proportion ; the Bankruptcy Court
having power to make such regulations from time to
time as to render the scale of remuneration suited to the
labour and circumstances of particular cases. Under
those circumstances the.extending of the jurisdiction of
the official assignees from within 40 miles round London
to every part of the kingdom was a great boon.
Sir T. WILDE had no heiitation in giving his decided
support to this Bill, but the most important alteration
that formerly took place in the bankruptcy laws related
to the appointment of offieial assignees. As to runaune-
ration, the course hitherto pursued had had the effect
of giving not excessive but limited remuneration.
If it was required to get respectable persons
who could give security to be assignees, remuneration
proportioned to the services renderel by those persons
must be allowed, otherwise respectable persons could not
be obtained. Those persons frequently held large sums
of money in their hands, which it was of importance to
prevent their detainingin their possession, and to compel
them to 'pay into the Bank. To effect that object
a provision would be introduced into the Bill to

the effect that if . the Commissioner or Judge
should find that the assignee- retained in his possession
any sum exceeding 2001., beyond forty-eight hours, he
should either have to pay as a penalty excessive interest
on the sum, as ' was the case under the old bankruptcy
Act, or be subjected to the forfeiture of his office. Thus
perfect security could be obtained against the faults of
the official assignee. - He Would state, during an
experience of twenty-fire years before the alteration in
the law took place, that not a bankruptcy estate became
the subject of' investigation that the bankrupt was not
ruined. Since the alteration a great improvement-had
taken place.
Mr. W. C. SCOTT. wished that this part of the Bill
should be referred to a Select Committee. He saw no
reason why tho official assignees should be more than
paid accountants to the estate.
Mr. B. WOOD concurred with the Hon. Gentleman
who had just sat down. lie was anxious to improve this
clause without destroying official assignees altogether.
He thought the creditors ought to have due protection
from the operation of this law, and for that purpose he
proposed several verbal amendments in the clause to the
effect,- that the money to be paid should be received not
by the official assignee alone, but by him jointly with the
creditors' assignee—thus making the official assignee, ac-
countable to the creditors' assignee.
The SOLICITOR-GENERAL said the reason the
official assignees had worked so well was, that under
their management debts were Collected which.conld not
be got in under the old system. The creditors' assignee
could not be got to work so well as the official assignee,
whom the lion. Gentleman opposite (Mr. B. Wood) pro-
posed by his amendments to cleg in the discharge of his
duties. _ _

Mr. HARDY thought that the official assignee ought
not to receive any greater sum of money than the amount
of the security for.the due discharge of his ditty. Ik did
not think there could be any objection to that.
Mr. HAWES supported the clause in all its integrity;
it was well known to those acquainted with bankruptcy
business that it had worked well: Most of the abuses
had arisen from the misconduct of the trade assignee,
and if they gave that assignee more to do than he had
at present. it would be done still worse.
Mr. BECKETT said the Hon. Member had shown no
reasons whatever, 'why the official assignee should act
better than the assignee appointed by the party. No
instance of misappropriation of funds had ever been
traced to the private assignees, though they might have
'been dilatory in attending to the priceodings.
Could the official assignees in all eases come
before the -House with clean hands ?—(Hear.)
There were a variety of other objections to this Bill. In
the first place, the annual amount of money which passed
through the hands of the official assignees in London was
more than 1,000,000/.- But he believed that the
assets which passed.. yearly through the hands of
the official assignees in the country, amounted more
nearly to three millions than two ; and he would ask, was
that an amount of money that should be left in the
hands of irresponsible men ? The only responsibility
that rested upon them was, that they were recommended
to the Lord Chancellor, who was responsible for the
appointments. And with all his respect for the present
Lord Chancellor's penetration, wisdom, and strength of
character, he thought it was not justice to the Noblt and
Learned Lord that so heavy a responsibility should rest
upon him. He would not detain the House longer,
but would give his earnest opposition to the men-
'sure ; because he was convinced that the Com-
mittee did not possess the knowledge necessary
to enable them to deal with the subject pro-
perly.
Hn
So,
Friend, so if he- Ha
'Right could ask a ' favour of
the Secretory for the Home Depart-
. _ .