1535. Bankruptcy
The former distinction between insolvents and bankrupts is now abolished. All debtors, traders or not, are now subject to the laws of bankruptcy.
Married Women
are now liable to be made bankrupt; but no person under age, except under certain circumstances, with the sanction of the Receiver. Liquidation by private arrangement is abolished.
1536. Bankruptcy Proceedings
Bankruptcy proceedings commence with a petition, either by the debtor himself or by a creditor or creditors. All petitions go before the High Court (or the district County Court), and no composition or arrangement is sanctioned until after the debtor has been publicly examined. All proceedings are controlled by the Court. For bankruptcy purposes, the County Courts have all the powers and jurisdiction of the High Court of Justice.
1537. Acts of Bankruptcy
"Acts of Bankruptcy" comprise:—Assignment of property for benefit of creditors; fraudulent transfer of property; leaving, or remaining out of, England, or absence from dwelling-house to defeat or delay creditors; filing declaration of insolvency or presenting a bankruptcy petition against self; levy of execution; failure to comply with a bankruptcy notice to pay a judgment debt; giving notice to creditors of suspension of payment; and having a receiving order made against one.