THE LORD CHANCELLORmoved the second reading of this Bill, which was to carry out certain portions of the recommendations of the Bankruptcy Commissioners. He understood that some opposition would be offered to one or two of the clauses, which he would be glad either to modify or to strike out altogether in Committee. Their Lordships were perhaps not aware that the Bankruptcy Court was itself become very nearly bankrupt. It was a self-supporting court, maintained altogether by foes, and the business had so fallen off that those fees would very shortly be inadequate to the maintenance of the establishment. It had been thought desirable, therefore, that a measure should be passed enabling him not to fill up vacancies in those parts of the establishment where there were at present a great many 1441 more functionaries than were necessary—he referred to commissionerships in the country, where there were two commissioners in one place. It was quite clear that one of them might in all cases be dispensed with; and, indeed, with respect to two vacancies which had recently occurred he had abstained from filling them up. One portion of the present Bill sanctioned that proceeding, and empowered him to act in the same way with regard to future vacancies. Their Lordships were aware that parties could make themselves bankrupts by filing a declaration of insolvency. That was supposed to lead to abuses in cases, for instance, where the parties had no money to distribute among their creditors; and a Bill was passed in 1847, enacting that no person should be at liberty to adopt that course unless he was able to nay 5s. in the pound. That Act had put an end to three-fourths of the business of the Bankruptcy Court. The Commissioners recommended that the 5s. in the pound restriction should be done away with, and that it should be enacted that no person should be at liberty to file a declaration of insolvency unless he was possessed of assets to the amount of 150l.—a sum which would pay all the expenses. It was thought that this alteration might increase the business in the Bankruptcy Court, and so augment the means of its self-support.
LORD CAMPBELLwas understood to approve of the measure, and he hoped that when the measure went elsewhere it would not be opposed.
Bill read 2a, and committed to a Committee of the whole House on Thursday next.