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The Proposed Bankrupt Law

The Proposed Bankrupt Law image
Parent Issue
Public Domain
OCR Text

following are the prorisioos of the Bankrapt law proposed by the New York Committeer "The full and unconditional discharge of the debtor (oxcept as to certain fidueiary debts) upon the surrender of bis entire estáte for distribution, without pref'erenco araong all his creditora, and upon his compliauca with the requiroments of the act. It provides for the eleotion of the assignee in bankruptoy by the oreditors, and gives thoni the supervisioo and management and winding up of the estáte, ucder the direction of the court. It also pennits, bv provisions ualogous to those of the Frenoh code of bankruptcy, as well as of the English law, the winding up of bankrupts' estates, at the option of throe fourths in value of the creditors, by trustees under the inpectiou of creditors in lieu of the more formal proceedings in bankruptcy. The various details of the aet are designed to give uniformity and efficiency to the system, and to meet the various exigencies of its adininistratiou in the exteudud territory tu which it applies."


Old News
Michigan Argus