176 mill fi 



proceedings are instituted, either so or on the application of either 

 debtor or creditor, ascertained insolvency will be at once admitted, 

 and the Court will proceed to turn the available assets to the best 

 advantage. To avoid the frequently ruinous loss through selling 

 movables by auction, the Court may hand over articles at a valua- 

 tion made by assessors. As to immovable property, any portion 

 specifically pledged for a scheduled debt may be let rent-free for a 

 premium for a term not exceeding twenty years, instead of being 

 sold if the debt can thereby be cleared off. Portions unpledged may 

 be handed over for a term not exceeding seven years to the Collector, 

 who will assign to the insolvent sufficient to maintain himself and 

 those of his family dependent on him, and lease the remainder for the 

 benefit of the creditors. In practice, the lessee will probably some- 

 times be a creditor, but more often the insolvent himself under due 

 security. If the debts cannot be fully paid off by these measures, the 

 insolvent will be discharged from the balance. The proposal which 

 has been made that the fixed period should be subject to the life of 

 the insolvent has been rejected as too unfavourable to the creditor. 

 The limit of seven years has been fixed after careful consideration 

 of the various proposals relating to temporary alienation contained 

 in the land-sale correspondence already spoken of. If a man's debts 

 are so heavy that he cannot clear them off in this time, it is 

 better that he should get a discharge for the balance, than that he 

 should drag on as a slave without hope of freedom or stimulus to 

 exertion . 



Reviewing the Bill broadly, it may fairly be said to secure, to 

 an extent not hitherto attempted, (1) precautions against fraud by 

 either debtor or creditor in their original transactions with each other; 

 (2) interposition of friendly conciliation between disputants, previous 

 to litigation ; (3) approximation of the Courts to the homes of the 

 people; (4) some small simplification of procedure and diminution 

 of the expense and technicalities arising from legal practitioners; 

 (5) equitable jurisdiction to reduce all exorbitant, fictitious and 

 fraudulent claims ; (6) finality of judicial decisions, subject to ade- 

 quate safe-guard; (7) prompt and unfailing enforcement, throrph 

 the collector when necessary, of all adjudicated claims of reaFrnnble 

 amount ; (8) discharge of the debtor from such claims, or balance of 

 them, as, aftev all reasonable enforcement for a long period, could not 

 be fully realized except by demoralization or life-long bondage. 



