Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1866-01-24
The New Bankrupt Bill.

Inc proposed NaIloIlaI DaihfupI AcI, wuiCl
has been read twice in the House of Repre-
sentatives, and referred to committee, is
long document, which would fill nine of thest
columns in small type. The Bill, as it nov
stands, gives the present United States Cour
Jurisdiction in all cases arising under the Act
and regulates the appointment, duties ant
powers of officers who are to act in judica
capacity under the supervision of the Court;
and subject to their order, the practice in al
proceedings in bankruptcy, and some other
matters of merely professional interest. The
Bill then provides for voluntary bankruptcy
on the motion of the bankrupt himself; and
involuntary bankruptcy, on the motion OF the
baskrupt. The provisions are distinct as to
each.
In involuntary bankruptcy it is provided
that any person residing within the jurisdic.
ton Of the United States, owing debts prova
BILE under the Act exceeding $500 in amount,
can apply by petition to the Judge of the
judicial district in which he resides, setting
forth his ability to pay his debts, and annex
ing sworn schedule of his debts, their
amount and nature, with the names ard resi-
dences Of his creditors, annexipg also an in
ventory of all property Of every kind in his
possession, Or in which he has any interest /;
and the filing of euch petition is to be an act
|'of bankruptcy, and the petitioner shall be
adjudged bankrupt The Judge is then to
issue warrant directing the marshal to toke
possession Of all the debtors property Of
every kind, and keep toe same until the ap,
pointment CT All assignee, aid directing him
10 notify creditors to prove their debts. As
signeess are 10 be chosen by the greater part
in value OF creditors, and such assignecs,
when approved by the Judge, take possession
of the debtors property ard all books and
papers relating thereto, with certain slight
exceptions.
AL debts and liabilities existing, though
not matured or not ascertained in amount at
the time of the adjudication of bankruptcy,
may be proved against the barkrupt's estate.
And all claims provabe under the Act can be
prosecuted in no other manner thar under
the Act, except for the mere purpose Of dec-.
ding their amount All claims are TO be PIE
sented on oath, and are 10 bc investigated
iudicially in case either their amount or
validity is disputed. The assignees have power
also, under the supervision OF the Courts, to
sell or redeem property, and to take rious
prescribed measures for Tie advantage Of the
estate, and to bring and to defend suits on
behalf of the estate.
Wages due my operative, clerk or house
servant, to an amount not exceeding fifty
dollars, are to have priority over all caims
of individuals, and be first paid in full. At
The final dividend claims are to Le paid in
full in tie following order: First. Fees and
costs of the proceedings. Second. All dues
to the United States. Thirl. all dues to tie
State in which the proceedings are pending,
Fourth. Wa2f; of operatives, SC. which bayo
accrued during tho six months proceeding
the first notice of the proceedings SIS above
mentioned Fifth. AL dues to persons enii-
tied to priority, aside from the provisions of
the Act, under the laws Of the Uniteo States.
r.r4n De apee 4patifs and at the time AID under
discharge is TO bc given TO the bankrupt from
all claims proyable under tha ACT such dis
charge 10 be withheld, Or TO be invalid if
granted, in ease Of auy fraud or violation on
tho part Of tha petitioner Of the pr,.Yisen of
the Act in that behalf.
No second discharge is to be granted to any
bankrupt whose estate is insufficient to pay
seventy per cent. Ct the claims against hin
without the consent of three lnurths. in value,
Of his creditors. And 10 tlird isela arsc can
be granted in any case: Gut bankrupt ~hc
has paid all clai,as existing ct the time Ct
previous bankruptcy shall bp entitled to
discharge as though there had been no pre-
vious application. Creditors may oppose the
discharge, and have the grounds of their OPP
position tried by jury. All debts created by
action of the bankrupt In judiciary capacity
arc exempted irora tho operation OF tie
discharge.
Similar provisions are made as to bankrupt
cy proceedings on the part Of partnerships
end corporations.
The proceedings In Involuntary bankruptcy
on the motion of the creditors, differ from
those in voluntary bankruptcy simply intheir
commencement. Whenever DEBTOR avoids
legal process in an action for the recovery of
debt, or demand provablc under the act,
Or disposes Of his property in fraud of bis
creditors; or whenever banker: mrrchani
or trader, fraudulcntly susrendsand docs MT
resume the payment of his commercial paper
within fourteen days, and in largo class Of
enumerated cases, tie debtor, on his petition
of bis creditors to the amount of over two
hundred and fifty dollars, shall be adjndgcd Il
bankrupt.
After the adjudication of bankruptcy,
three-fourlLs in value of the creditors can
under the direction and approval Of court
wind up and settle the bankrupt's estate in
such manner as they may agree upon, and
The estate is then vested in trustees, tic
rights end duties of the trustees being simi'
lar to those of tie assignees under the or'li-
nary method # procedure anl the discharge
is TO be in the same form and OF the same
effect as though the usual proceedings in
bankruptcy were had.-N. \. World.
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Good Advice to Business Men.