AMOUNT OF DEBT.

Another alteration made, is in the amount necessary to constitute a Petitioning Creditor's debt, by reducing the amount requisite to establish an adjudication of Bankruptcy against a Trader. It had been, by the late statutes, necessary that the Bankrupt should owe to a single Creditor or partners £100. or upwards; two Creditors £150. or upwards; three or more £200. or upwards. This is now reduced to £50., £70., £100., or upwards, respectively. (sec. 9.)

WHO MAY BE TRADERS.

A number of persons have been admitted into the class of traders, liable to become Bankrupts, who hitherto either were not admitted at all, or whose occupations afforded questions of doubt in point of law.(See sec. 10.) This was done in accordance with the English statute, 5 & 6 Vic., c. 122, sec. 10.

PAY, HALF-PAY, PENSIONS, ETC.

The commissioners may now order such portion of the pay, half-pay, emolument, or pension of any Bankrupt, as on communication with the Secretary of War; or the Lords Commissioners of the Admiralty; or the Commissioners of Customs or Excise; or the chief officer of any department to which a Bankrupt may have belonged, it is consented may be applied in payment of his debts; and a provision is made for lodging the order in the public offices alluded to.(sec. 38.)

SALARIES OR WAGES.

A maximum of £30. has been established in this instance. The sum, under 6 Wm. IV., cap. 14, sec. 59, for which the commissioner might give a peremptory order for payment of six months' wages or salary, to Bankrupts' servants or clerks, was not limited to any specific amount, and extended to six months' arrears as due by the Bankrupt. It is now confined to three months, with a maximum of £30. for clerks or servants; (sec. 40) and to a maximum of forty shillings for labourers or workmen. (sec. 41.)

INTEREST UPON DEBTS.

By 6 Wm. IV., cap. 14, sec. 68, (a provision taken from the 6 Geo. IV., cap. 16, Eng.,) holders of bills of exchange or promissory notes, over due at the issuing of the commission, were enabled to prove for legal interest, although interest was not reserved. The Irish statute has the words "legal interest;" while the words in the English statute are "interest at such rate as is allowed by the Court of King's Bench in actions upon such bills or notes." The section of the recent act goes somewhat further, by adopting the provisions contained in sec. 180 of the "English Consolidation Act," (1849) whereby the former provision (originally passed for bills of exchange or promissory notes), is now extended to all debts or sums certain, whereupon interest is not reserved or agreed for, over due at the issuing of the commission. The rate of interest is in this act, named as "a rate not exceeding the current rate of interest." By reference to the English Consol. Act, (recited section,) it will be found limited to "four pounds per cent. per annum. In both instances the time is calculated up to the date of the Commission in Ireland, and the time of the Petition in England, (there being no Commission now in England by the act of 1849,) and the interest to commence, if under a written instrument, "from the time when such debts or sums certain were payable;" or if otherwise, then from the time that demand of payment should have been made in writing, "the written demand to contain" a notice to the Debtor, that interest will be claimed from the date of such demand, until the time of payment.(sec. 63.)

COMPOSITION TO CREDITORS.

By 6 Wm. IV., cap. 14, sec. 151, it was enacted, that after the Bankrupt should have passed his last examination, a composition agreed to by nine-tenths in number and value of the Creditors, assembled at a meeting, called upon a twenty-one days notice in the Dublin Gazette, should be binding upon the remaining one-tenth in number. By sec. 86

of the recent act, three-fifths is substituted for nine-tenths of those assem

bled. The Creditors, however, are now allowed to be represented by attorney, and this, upon a second meeting, requires the remaining two-fifths, instead of one-tenth, as before.

CERTIFICATE OF CONFORMITY.

A most important and useful enactment upon this subject is contained in sec. 56. The signature of the Creditors to the Bankrupt's certificate is no longer requisite. The allowance of such certificate rests entirely with the commissioner, the law relying more upon his discretion, after hearing the case on both sides, than upon the illjudged tenderness of humane, or the ill directed hostility of unfeeling, Creditors. A provision exists, however, whereby the Creditors, on appeal to the Lord Chancellor, are allowed to shew cause against the commissioner's decision.

PROCEEDINGS, EVIDENCE.

Heretofore, in order that the proceedings of this court be entered of record, so as to make them evidence upon future occasions, it was necessary to undergo the tedious and expensive process, of petitioning the Lord Chancellor for his consent thereto. This course is now dispensed with; and, by section 84, the commissioner is empowered to give his permission in writing, which will be henceforth equivalent to the order of the Lord Chancellor, hitherto obtained at such a cost of both time and money.

MORTGAGEES MAY BID AT SALE.

A like power is conferred upon the commissioner, in the event of a sale taking place before them, upon the application of any mortgagee being desirous to bid. Hitherto the same tedious and expensive process of petitioning the Lord Chancellor was necessary. This is now left entirely to the discretion of the commissioner, even without application.(sec. 67.)

CITY ATTACHMENTS.

A clause is introduced respecting City Attachments which will, in some measure, relieve the City trader from the effects of this formidable pro

ceeding, and protect the Creditors from its destructive operation. Under the 36 sec. of 7 & 8 Vic., cap. 90, Ir., security was afforded to certain persons in their dealings and transactions with Bankrupts, if made really and bona fide, and before commission issued. In recounting the several contingencies likely to occur in the course of business or trade, a clause occurred rendering valid all "Executions and Attachments against the lands and tenements, or goods and chattels of a Bankrupt," notwithstanding a prior Act of Bankruptcy committed, provided such were “bonâ fide executed or levied before the date and issuing of such commission;" and provided also the plaintiffs had no notice of the Act of Bankruptcy. Considerable doubt was entertained as to how far this clause extended to the protection of city attachments which, after all, were but matters of mesne process. The 68 sec. of the new Act removes all doubt upon this head, by requiring that all goods and chattels, under seizure at the issuing of the commission, by virtue of an attachment, shall be delivered up to the assignees of the Bankrupt's estate.

JUDGMENTS.

The effect given to Judgments by 3 & 4 Vic., cap. 105, sec. 22, by making them charges upon real property, bestowed unexpected advantages upon Judgment Creditors in giving a priority in the Bankruptcy Court, contrary to the spirit of 6 Wm. IV., cap. 14, sec. 136. By the recent Act Judgments are restored, as far as Bankruptcy matters, to the position in which they stood under 6 Wm. IV., cap. 14. (See sec. 108, and note thereto.)

PLEAS OF CONFESSION AND CONSENTS.

These can no longer remain secret instruments in the hands of Plaintiffs, as they must now be registered within twenty-one days after execution. The mischiefs arising from Pleas of Confession being secretly executed, by parties obtaining money or goods at the moment of the delivery of the goods or receipt of the money, and before any demand was made or payment refused, or before any process was issued for the recovery thereof,

are too well known to need comment. The fact of requiring a Plea of Confession under such circumstances, afforded a presumption that there existed a strong suspicion of insolvency in the mind of the money lender; and, as to the trader, no man who was not verging on Bankruptcy would be found to comply with a demand of such a nature. Pleas of Confession, Cognovits, Acknowledgments, Consents for Judgment, and the Judgments themselves, and Execution, are all now fraudulent and void as against Assignees, unless registered, in the same manner as Warrants of Attorney for Confessions, &c., are now required, namely, within twenty-one days of execution or signing; those already executed are allowed twenty-one days after the 1st of November, 1849.

ARRANGEMENTS AND PROTECTION.

As adverted to in the foregoing pages, a portion of this statute, consisting of eighteen consecutive sections, apparently forming a particular subdivision in itself, is occupied in extending relief to "Debtors," a certain portion of whose Creditors are satisfied with whatever proposal the Debtor is able to make, for the future payment or compromise of his engagements. Certain proceedings are entered into, subject to the controul of the Court.(ss. 90 & 91.) A private meeting is first held.(sec. 92.) Notice of a second meeting, personally or in the Gazette, as the case may be, is served upon all Creditors.(sec. 93.) A president is appointed.(sec. 96.) Resolutions entered into.(sec. 94.) Creditors vote at these meetings.(ss. 98 & 99.) Estate vests in trustee, if appointed.(sec, 101.) The trustee released.(sec. 107.) And a certificate, operating "to all intents and purposes as fully as if the same were a Certificate of Conformity under a Bankruptcy," is given to the Debtor.(sec. 106.) If the phrase, to all intents and purposes, be interpreted as a protection from liability of all future acquired property, then, in a great measure, this Act must very much affect the working, if not abrogate the power of the Insolvent Debtors' Act. Pending all these proceedings, the Debtor is protected from arrest.(ss. 92 to 95.)

This subdivision of the statute resembles what are called the Protection