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September, 1878 AD (search for this): entry bankruptcy-laws-past-and-present
y bankruptey into our national jurisprudence. It was in force but eighteen months, being repealed by the Congress that passed it. 3. The statute of 1867 was framed largely on the Massachusetts insolvency law of 1838. It provided for both voluntary and involuntary bankruptcy, and went almost to the extreme in its enumeration of acts of bankruptcy and in its restrictions on the granting of discharges. This law permitted tedious delays and excessive fees. It remained in force until September, 1878. 4. The statute of 1898 swings back towards mercy again. It will be remembered as the first of our statutes to omit that anciently all-important act of bankruptcy, the suddenly fleeing to parts unknown, and as establishing a new meaning for insolvency. The animated and often acrimonious discussion of bankruptcy legislation has turned on a half-dozen disputed principles and matters of detail. Nowhere, save in the United States, where local insolvency laws have temporarily filled
1874 AD (search for this): entry bankruptcy-laws-past-and-present
law of England is far and away the most successful and the fairest bankruptcy law yet enforced in that country. While the list of objections to discharges in England is on the increase, here it is growing smaller and smaller. In 1800, among other restrictions, the bankrupt was not entitled to a discharge unless he paid 75 cents on a dollar. In 1841 a majority of creditors in number and value might prevent the discharge by filing a written dissent thereto. The law of 1867, as amended in 1874, refused a discharge to voluntary bankrupts who did not pay 30 per cent. on claims proved, except with the assent of one-fourth of their creditors in number and one-third in value; and, copying the English model, it enumerated ten acts, the commission of which might deprive him of his discharge. The new law goes to the antipodes of the present English statute and not only wipes out the necessity of paying any percentage in dividends, a very poor change, but abolishes the semi-control of cr
July 1st, 1898 AD (search for this): entry bankruptcy-laws-past-and-present
Bankruptcy laws, past and present. The passage of the bankruptcy law, approved July 1, 1898, was effected by a vote of 43 to 13 in the Senate, and 134 to 53 in the House. It was, necessarily, a compromise, since it was the result of agitation which had been continuous since the repeal, twenty years before, of its discredited and unpopular predecessor. The growth of a period of commercial depression, it gave statutory recognition to sentiments and passions which were, at the time, deeprooted and powerful. The war of the involuntaries against the voluntaries held the boards for a goodly season in Congress in 1897-98. The voluntaries had rather the best of it. But the law as a whole must be accepted as a reasonable expression of the sentiments of the entire people. It surely is a proclamation, as vigorous as it is emphatic, that in this day and generation it is not only the debtor that dies who is relieved of all debts, but that the unfortunate and the unwise may win surcease of
1870 AD (search for this): entry bankruptcy-laws-past-and-present
ogether and determine on action. It seems to have made little difference which system prevailed, as, so it is said, in the one the lawyers preyed on the estates and in the other the courts and their appointees did so. The English procedure has always been complicated. It has provided elaborately for compositions and arrangements, with the result that, until the present law, debtors have more often compounded and compromised than gone through the courts and obtained their discharge. From 1870 to 1877 there were but 8,275 bankruptcies, these nearly all involuntary, to 31,651 liquidations and 20,270 compositions. Even under the present English law, the actual official bankruptcies are in number hardly more than the so-called deeds of arrangement. On the other hand, the rigid public examination which is now required operates both as a threat to the fraudulent bankrupt and as a protection and vindication to the honest or unfortunate debtor. It stimulates the co-operation of neglige
1690 AD (search for this): entry bankruptcy-laws-past-and-present
sponsors claim that it will accomplish all that it was intended to do by the mere threat of possible procedure. Therein is its chief merit to the business world. Experience will prove whether it is a boon or bane. But our hysterical Congressmen shall be able now to sleep oa nights; for under this law there can be by the rich no grinding the face of the poor. What is a preference? This is a comparatively recent development of the law of bankruptcy. The earliest regulation is that of 1690, in Scotland, which annulled preferences made within two months of bankruptcy. The common law permitted preferences, and debts in favor of wives and female relatives in general were a refuge frequently found by the failing debtor. It is not likely that the chattel mortgage method of preference was then understood; that is the product of our higher civilization. But, for centuries, scandals without number and frauds on creditors by the multitude have flowed from the too gentle policy of the
1869 AD (search for this): entry bankruptcy-laws-past-and-present
iver. 5. The statute of 1861 made it possible for the non-trader, who had been protected by the insolvent debtor acts for about fifty years, to take advantage of or to be proceeded against under the general bankruptcy laws. 6. The statute of 1869 introduced in England the now well-understood principle of fraudulent preferences; but, the law being easily evaded, it proved a failure. 7. The statute of 1883, as amended by that of 1890, carries the pendulum backward again, and while for theetails of procedure. In England, for more than half a century, the lines were drawn for or against officialism. Prior to 1831 bankrupt estates were administered by three commissioners, largely controlled by the creditors. From that time down to 1869 the courts administered through their assignees. Then, for a decade or more, creditors took hold again and made a mess of it. The present law is a compromise, an official of the Board of Trade being in charge until the creditors get together and
1867 AD (search for this): entry bankruptcy-laws-past-and-present
he others being named from the years 1800, 1841, and 1867 while, in many of the States, and from their very beby the Congress that passed it. 3. The statute of 1867 was framed largely on the Massachusetts insolvency lhe like broad rule received expression in our law of 1867, with the single exception that, when the act of banlaw of 1841 was limited to natural persons. That of 1867 was made expressly applicable to all moneyed, busine the first. Our laws, down to and including that of 1867, have been equally mindful of the commercial runaway of bankruptcy, all predicated on fraud. The law of 1867 went much further and, in addition to the customary erences ground for refusing a discharge. The law of 1867. copying the Massachusetts insolvency act of 1838, rge by filing a written dissent thereto. The law of 1867, as amended in 1874, refused a discharge to voluntarillage by the fee-fiend which discredited the law of 1867 and led to its repeal. The present law is intended
1897 AD (search for this): entry bankruptcy-laws-past-and-present
43 to 13 in the Senate, and 134 to 53 in the House. It was, necessarily, a compromise, since it was the result of agitation which had been continuous since the repeal, twenty years before, of its discredited and unpopular predecessor. The growth of a period of commercial depression, it gave statutory recognition to sentiments and passions which were, at the time, deeprooted and powerful. The war of the involuntaries against the voluntaries held the boards for a goodly season in Congress in 1897-98. The voluntaries had rather the best of it. But the law as a whole must be accepted as a reasonable expression of the sentiments of the entire people. It surely is a proclamation, as vigorous as it is emphatic, that in this day and generation it is not only the debtor that dies who is relieved of all debts, but that the unfortunate and the unwise may win surcease of their business sorrows and begin again on this side of the grave. It calls to mind that humanitarian provision of the Mosa
1898 AD (search for this): entry bankruptcy-laws-past-and-present
e voluntaries held the boards for a goodly season in Congress in 1897-98. The voluntaries had rather the best of it. But the law as a whole mts have been passed in England. In the United States the statute of 1898 is the fourth of a series of national laws, the others being named fs. It remained in force until September, 1878. 4. The statute of 1898 swings back towards mercy again. It will be remembered as the firste landmarks. It will assist to a better understanding of the law of 1898, if we note these landmarks. 1. Who may become a bankrupt? 2. Whaty to merchants, bankers, and the business community. The new law of 1898, however, goes backward to the time of George II., and prohibits, asoneyed, business, and commercial corporations. Yet the lawmakers of 1898, fearful lest, by collusion with stockholders, the controlling officopist. Year in and year out he must be a policeman, too. Our law of 1898 is philanthropic to a degree; but as a discourager of commercial dis
1830 AD (search for this): entry bankruptcy-laws-past-and-present
g them a discharge, and left them to the tender mercies of their creditors. It was followed by a number of similar laws. enlarging its scope and changing its procedure. 2. The statute of 1706, in the fifth year of Queen Anne, marks the next great step in advance. Debt was no longer treated as a crime, and provision was for the first time made for a discharge. 3. The statute of 1825, in the reign of George IV., for the first time recognized voluntary bankruptcies. 4. The statute of 1830 abolished commissioners in bankruptcy, put the administration of estates into the hands of the court, and created the official assignee or receiver. 5. The statute of 1861 made it possible for the non-trader, who had been protected by the insolvent debtor acts for about fifty years, to take advantage of or to be proceeded against under the general bankruptcy laws. 6. The statute of 1869 introduced in England the now well-understood principle of fraudulent preferences; but, the law being
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