THE BANKRUPTCY 1883. ACT, INTRODUCTION. IT has long been admitted that the Bankruptcy Act of 1869 did not realise the hopes and expectations with which it was passed. That measure was founded on the principle of giving the creditors entire power over the administration of insolvent estates, and the discharge of insolvent debtors. If creditors had been willing to discharge the duties necessarily involved in the possession of this power the measure might have worked well. Unfortunately that was not the case. It was found in practice that the inattention and indifference of creditors, combined with the facilities for fraud afforded by a system of private liquidation and composition, led to a disastrous laxity in the administration of the law; rendering it in many cases little more than a means whereby debtors who were so minded might escape from the payment of their just debts. So great were the abuses which prevailed that an eminent judge is said to have humorously remarked that," while this measure |