The Lord Chancellor,
in introducing a Bill for the establishment of a new Bankruptcy Court, took occasion to state, that it was exactly the same measure in principle, and nearly the same in all its arrangements, with the Bill which he introduced for the same purpose in the late Parliament. As he had stated, he should, and as it became every one proposing an arrangement of so much importance, he had availed himself of the interval which had taken place, in consulting practitioners, both in the Courts of Equity, and the Common Law Courts, as to the details of the measure. The result was, that considerable improvements had been made in the minute details. Of these, he should only 1317 mention, that as, under the existing law, official assignees appointed by the court had very large powers, those powers were to be abridged, and the powers of assignees, elected by the creditors, would be more accurately defined and determined. There were some merchants in the City— he would not say eminent merchants, but men of great respectability—who thought that a bankrupt's affairs might he arranged without official assignees at all; but he (the Lord Chancellor) thought, that it was a great advantage to have some person to administer the funds of a bankrupt, in whom the Court might place confidence. He had only to add, that he should fix an early day for the further consideration of the Bill; and in order that their Lordships should, in the mean time, have an opportunity of becoming acquainted with the details, he intended to move, that the Bill be printed.
§ Lord Wynford
had no intention of offering any opposition to the Bill, but hoped that full time would be allowed for inquiry.
§ Bill read a first time.