Excerpt from Practical Guide to the Bankruptcy Law of 1869: Being the Bankruptcy and Debtors Acts, 1869, Condensed and Simplified, With Notes, Reference Tables, and Index
The Bankruptcy Acts of the year 1869 comprise certain leading principles, namely - the equal division of the property of the debtor amongst his creditors with as little delay and expense as possible; that this division shall be conducted and managed by the creditors themselves, either in bankruptcy, under the immediate supervision of the court, or by a process which is called "liquidation by arrangement," not entailing upon the persons interested such extended resort to the court.
To those who have had experience in the winding-up of Joint Stock Companies, the two processes may be said to be analagous to a compulsory winding-up by the Court of Chancery, or a voluntary winding-up by the company under the supervision of the court.
The creditors are also permitted to accept a debtor's proposal for payment of a composition without bankruptcy or liquidation of the debtors affairs, should a certain majority of the creditors think it advisable to do so. Whilst fraudulent bankrupts and debtors are liable to be very efficaciously and severely handled, the legislature has deemed it advisable, for the first time in the history of our jurisprudence, to abolish the general right of a creditor to arrest and imprison the body of his debtor.
The practical machinery introduced for the purpose of working these principles, is the introduction of a chief or sole judge of the Court of Bankruptcy and the abolition of all unnecessary officialism.
The appointment of a chief judge or head of the Bankruptcy Court, is a matter of the utmost importance to the effective working of the principles now introduced into our commercial law, and the omission of which from the Act of 1861, its author, Lord Westbury, is known to have always urged as one of the principal causes of its failure.
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