Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-06-30
THE BANRUPTCY BILL.
= synopsis of Its Provisions Made by
Mr. HOLc Smith.
ATLANTA Journal.)

"The bill provides for voluntary and in
voluntary bankruptcy The object of the
voluntary bankruptcy feature of the bill
is TO enable men who have become in
solvent during the recent depression to
free themselves from their liabilities and
10 have an opportunity TO start over
again. The prime object of the invol-
untary procedure is to defeat preferences
given within four months before the
time when petitions are fled
WHAT THE BILL is.
"The bill was the result of the work
OF conference committee composed of
Mcssrs. Hoar, Lindsay, and Nelson, from
the Senate, and Messrs. Henderson and
Ray. from the House. 1t went TO the
Senate as the unanimous report OF this
Joint committee and was passed without
opposition. | believe that IL VIII pass
the House also without substantial OPP
position. and / have no doubt 1t VIII re-
ceiye the approval OF the President du-
ring the present week.
"The district courts of the United States
are given Jurisdiction over bankruptcy
proceedings with concurrent jurisdiction
i'm tho Circuit courts Ihe assets oi
bankrupts are TO be administered ltouSn
trustees designated by the judges or the
I-njted States Court assuming turisdic-
ton and the Judges are also TO be aided
I'm their administration by referees To De
anoointed by the respective district court
judges
VOLUNTARY BANKRUPTCY
", ne,ition for voluntary bankruptcy
can no filed at any time after one month
from the approval by the President Oh
tho hill Any person may, after the eN-
nirotion of one month subsequent 10 pc
Inc adiudged a bankrupt. nile his apph-
a',9,on for discharge in the court OF bank
rnntov in which the proceedings are
bending. The judge is required 10 near
tho application for discharge ana 10 uls-
charge the applicant unless the Dahhrupt
has committed an onence puIiisIiaD oS ~ ~
ir,nriaonmcnt under the provisions OF the
49, or who has with fraudulent intent,
1,,aa,ed his true financial condition, ana
g., emulation OF bankruptcy desIo3
-. on,ccaled or failed to keep DOCKS
co. -, or records from which his true
S,1,,iop might be ascertained. 10 Cd
80 . discharge the consent OF crepi'oi
- not required. nor is II necessary lH.'
hankrunts should pay any percentage "
creditors.
INVOLUNTARY BANKRUPTCY.
..,,ho hu gives the grounds upon which
-, can be forced into involuntary
bankruptcy, as follows; - .,,oI,
.Nct. of bankruptcy by person Shdi'
oopsIst of his having Cd conveyed tr"h.
fs,,.,d concealed, or removed or peInl''
- ~. concealed or removed any part
90 his property, with intent 10 Hil'uet,
lav or dcfraud his creditors Oh any Va
tbc,n. or transferred, while lhsoNe"' "'aI
nortlon Of his property 10 one OF ihoie
bie creditors. with intent 10 preltI
creditors over his other creditors VI ~ ~,
fcred or permitted, while ihsolNei', ",'S
creditor 10 obtain preference i'"s',
,o,,aI nroceedines. and not having az
20. d,,o DAYS before sale or final MS
nos,t,an of any property affected by sdch
rroee,cnce vacated or discharged such
arofereuce. or made a general asslShneu'
e.. he benefit Of his creditors; or 40
,nit.fd i'm writing his inability TO Pay ne
debts and his Willingness to DE auj'"se'
/, binkrupt en- that grmna'
PETITIONS AGAINST lNSoLNENIs'
a. no,,.,on may be filed against per-
- ,,ho a. insolvent, and who has com
,,,i,.nd an act of bankruptcy within lonr
,,,th. af,er the commission OF sucn act
srcb time shall not expire until TOUR
,,ortbs after the date OF the recording
a. ,cofsterlng of the transfer OF aSsish-
r,ent WHOM the act consists III haNihs
,,,ode a transfer Of any of his propeEiy
I'm intent 10 hinder delay. or dclraud
ht. creditors or for the purpose oil giilhs
= ,,sfercuce as hcrcinbcfore provided. or
,,,eno,v,I assignment for the beneht OF
~ c,editarg IL by law such recording OF
'es.,sterinc IS required or permitted or.
a. {, il not from the date when the behe-
actsrv takes notorious, exclusive, or con-
,luuous possession Of the properly uhieks