§ MR. C. S. BUTLERbegged to ask the hon. and learned Attorney General whether he intended to introduce any measure to facilitate the Winding-up of Bankrupt Banking Companies, to render speedy assistance to creditors, and to prevent the serious expenses and loss to the creditors and shareholders which existed under the present condition of the law? He also wished to inquire, although it was only right that he should mention that he had not had an opportunity of giving the hon. and learned Gentleman notice of this part of his question, whether it would be the object of any measure he might introduce upon the subject to prevent the conflicting jurisdictions of the Courts of Chancery and Bankruptcy so as to render the law cheap, simple, and adapted for its purpose?
The ATTORNEY GENERALsaid, that in order to answer the questions of the hon. Member for the Tower Hamlets, it would be necessary to remind the House that by an Act which had been passed in the last Session of Parliament all incorporated companies, present and future, with the exception of banking and insurance companies, had been subjected to rules for the purpose of winding up in the event of their insolvency of bankruptcy, which, he believed, would be found quite effectual for that object, and which rules, if capable of 531 being acted upon in the case of the Royal British Bank, would have prevented the gross scandal to English jurisprudence exhibited by the proceedings in reference to that matter. The old Winding-up Act did not contain the useful provisions to be found in the Act of last Session to which he had referred—provisions which would have prevented the conflict of jurisdictions, and enabled payment of the debts of the Bank to be made without the grievous oppression of every shareholder being exposed to actions at the suit of every creditor. The House would recollect, that in the last Session a Bill containing excellent provisions was brought in for the purpose of facilitating arrangements between shareholders and creditors of Joint-stock Companies in case of bankruptcy. That House, however, after it had come down from the House of Lords, refused to pass the Bill. It was his intention to consider whether the provisions in the Act of last Session, together with the provisions of the Bill he had just alluded to, might not be brought into one Bill, for the purpose of being made available to bankrupt banking and insurance companies; and, if the Lord Chancellor, under whose consideration the subject was, had no better plan, and that plan should receive the sanction of the Government, to bring in a Bill for the purpose, in the course of the present Session.