The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-01-21
The New Bankrupt Bill.

The proposed National Bankrupt
Act, which has been read twice in the
House of Representatives, and re-
ferred to committee, is a long docu-
ment, which would fill nine Of these
columns in small type The bill, as
1t now stands, gives the present
United States Court Jurisdiction in all
cases arising under the Act, and reg,-
lates the appointments, duties and
powers of officers who are to act in
judicial capacity under the supervi-
sion of the Courts and subject to
their order, the practice in all pro-
ceedings 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 invol-
untary bankruptcy, on the motion of
tho crcditoro OF the banKrupt The
provisions are distinct as to each.
In involuntary bankruptcy it is
provided that any person residing
within the Jurisdiction of the United
States, owing debts probable under
the Act exceeding $500 in amount.
can apply by petition to the Judge of
the Judicial district in which he re-
sides settingforth his inability to pay
his debts, and annexing sworn
schedule of his debts, their amount
and nature, with the names and re-
sidences of his creditors, annexing,
also, an inventory of all property of
every kind in his Possession, or in
which he has any Interest; and the
filing of such petition is to be an act
of bankruptcy, and the petitioner
shall be adjudged a bankrupt. The
Judge is then to issus a warrant di-
recting the Marshal to AXE possession
of oil the debtors property of every
kind, and keep the sane until the
appointment of an ass gnee, and di-
recting him to notify creditors to
prove their debts. AS ignees are to
be chosen by the crater part in
value of creditors, and xlch assignees,
when approved by the Judge, -ole
possession of the debtors property
and all books and papers relating
thereto, with certain slight excep-
TONS
All debts and liabilities existing,
though not matured or not ascertain
ed in amount at the time of the adj
judication of bankruptcy, may be
proved against the bankrupt's estate
And all claims provable under the
Act can be prosecuted in no other
manner than under the Ac., except
for the mere purpose Of deciding
their amount. All claims are to be
I presented on oath, and are to be in
vestigated judicially in case either
itheir amount or validity is disputed
The assignees have power, also, under
4 the supervision of the Courts, to sell
redeem property, and to take various
prescribed measures for the advan-
tage of the estate, and to bring anC
defend suits on behalf of the estate. :.
Wages due any operative, clerk o.
house servant, to an amount not ex
ceeding fifty dollars, are to have
priority over all claims of individuals
and to be first paid in full. At the
final dividend claims are to be pait
in full in the following order: First
fees and costs Of the proceedings
Second. all dues to the United States
Third, all dues to the State in whicl
the proceedings are pending. Fourth
wages of operatives, etc, which hav'
accrued during the six months pre-
ceding the first notice of the proceed
ings as above mentioned. Fifth, al
dues to persons entitled to priority
aside from the provisions of the Act
under the laws of the United States
On due notice, and at the time an
lunder the conditions provided by tn
-lAct, the final discharge to be give
ae bank rupt from all claims pre-
p undef the Act; such discharg
withheld, or to be invalid