OUR BANKRUPTCY LAWS.

Cromwell Argus, Volume I, Issue 26, 11 May 1870, Page 5

OUR BANKRUPTCY LAWS.

In one of the early issues of this journal we dwelt upon the general unsatisfactory nature of our insolvency laws. We were, as far as we know, the first to point out how easily the dishonest debtor escaped, while the unfortunate but honest creditor found that a large portion of his means went to the lawyers—'that, in fact, the portals of the Court of Bankruptcy could only he reached through the passage of a solicitor’s office. One of our own corres-pondents—-our St. Bathans contributor—took us to task on the subject, and expressed an opinion that the Court does what a thunder-storm often does, but not always—clears the atmosphere. He argued that the commercial atmosphere required a kind of thunder-storm—a commercial crisis, we suppose. As his views represented the current but superficial ideas of many persons who assume positions, or accept as gospel-truth some ipse dixit or another’, we refer to the matter again. Since the period when we first dwelt upon the matter, the commercial public and the colonial journals have taken it up, and all more or less agree with the remarks we made. We find neither our Chamber of Commerce nor our editors looking upon the Act in the light of a safety valve. In justice to ourselves we must state that these meetings and discussions have been chiefly within the last month, so that when we alluded to defects in the Act, and stood alone, so far as we know, we little expected to see such unanimity of spirit in dealing with so difficult a subject. We like our correspondents to speak out independently, but in this /instance the tone of the journal was in accordance with general opinion, while our correspondent only represented crude opinions, or those of a small minority of thinkers. We are glad, however, to notice that the Chambers of Commerce or the journalists do not go in for a repeal of the measure. They will, for the present at least, be satisfied with its defects being amended. So general is the feeling in favor of amendment, that the Government will be impelled at the ensuing session of Parliament to deal with the question. General opinion points to the following amendments: That a declaration of bankruptcy may be signed before other persons than a solicitor ; that forms shall be readily obtainable ; that adjudication shall follow the declaration at once ; that official trustees or assignees shall reside in each district, ’ and take possession of estates ; that notices to creditors shall be served upon them through the post; that bankrupts tnay be examined by a creditor or other agent on behalf of absent creditors, if so instructed; that the proving of fraudulent insolvency shall not be thrown upon a special creditor, but upon the estate ; that the insolvent shall render more assistance to the estate than at present. These are a few of the suggested minor amendments : other and larger principles are however involved, but we have not space to deal with them here. If we can secure cheapness in the administration of insolvent estates, with promptness in taking them in hand, and also make it compulsory for the insolvent to assist his creditors, something will be gained, and we shall not have cause to regret having given some attention to a dry subject.

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