MVB notes for Senate speech on the bankrupt bill, c23 January 1827-6 February 1827

MVB notes for Senate speech on the bankrupt bill, [c23 January 1827-6 February 1827]

As late as 1820 the defects of the Bankrupt System in England were admitted & that the public opinion was that the system as it then existed was not a public benefit.

Authority to examine the Wife struck out. agt principle. What would be criminal in others justified when done by the Wife has been land. The case of Madam Lavalette acquitted not only by the opinion of the world but by the laws of France. Pinckney

<Brinkley> offered the amendmt requiring 2/3d of creditor in number & amount <to> discharge.

<VDyck> offered the closure of voluntary Bankruptcies extndig to all classes requiring only previous improvements.

Mr King objects to the extension of the system to other than merchant as unconstitutional. ^Distinction between Bankrupt &^ <Insolant> laws

Hunter said S. Court had decided in favour of its constitutionality.

Loyd offered an amendment as a substitute for Van Dycks confining the operation of the discharge to Risk debts only as were done to persons subject to the operation of the act vs merchants last day 18 notes 24

<metamorphose> the Bankrupt act into an Insolvent act. Otis Letter.

<illegible> of 6th George IV <5th>

The 6th <Saline> reports 21 different acts passed since the 35th Henry 8th upon the subject.

All persons traders except <Farmers> <illegible> & common workers & stockholders as such

6th sect. Voluntary declaration of the trader an act of Bankruptcy provided &

<illegible> an affidavit of debt & giving land to <illegible> of Bankruptcy to obtain from Lord Chancellor commission, if not sustained Lord Chancellor to award damages.

37 Wife subject to examination & imprisonment untill the <answer> fully &c

45. Provides for the appointment of provisional assignmnt first authorized by 5th George 2d

27th continues the period of British Legislation & 20 different acts.

1017. 18 <proceedings> of committee of <debate>  

It was under the sanction and patronage of the Chamber that the constitution act of 6th George IV was before made.

It was proposed with great labor & first introduced in 1823, printed & widely circulated & rcd assistance from distinguished person, passed in 1824 but for particular reason replaced by the act of 1825 which went into operation in 1826 Sept.

New Provisions, an extension of its subjects viz traders, this is done <illegible> will by <far> specific enumeration

1st only the addition of general words of description

2d New acts of Bankruptcy, consisting principally of acts committed abroad which on the idea that they were in contemplation of the Bankrupt System could not be committed abroad such a remaining act of the Country when the original <defection> was not with such intentions.

3d The privilige <offered> to the Bankrupt of declaring himself such.

4th The limitation of the doctrine that a conveyance of all the traders property <for> <to> trustees for the benefit of his creditors is an act of Bankruptcy. By providing that of certain formalities

Ch 2d acts of Bankruptcy

5. Provisional assignees

10. Assignees

14. Assessment

15. Relation to the act of Bankruptcy

16. Reports ownership

17. Securities

22. The Bankrupt

23. The <Certificate>

25. The composition

are complied with no commission can issue after six months thus, securing to debtor & creditor the <illegible> & expeditious mode of distributing an insolvent estate whilst the evil of secrecy is effectually provided agt.

5th The allowance of the proof of debts not before admitted, contingencies &c

6th Salutary restrictions of the doctrine of “relation to the act of Bankruptcy.

7th The adoption of the composition contract from the Scotch sequestration act.

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