Publisher's Synopsis
Excerpt from A Treatise on the Law of Private Arrangements With Creditors: With an Appendix Containing the Deeds of Arrangement Act, 1887, the Bills of Sale Acts, 1878 and 1882, and the Bankruptcy (Discharge and Closure) Act, 1887
Deeds for effecting private arrangements between insolvent debtors and their creditors, with a view to a rateable distribution of the residue of the property of such debtors amongst their creditors towards payment of the debts owing to them, or of a composition in satisfaction thereof, and thus avoiding bankruptcy, have been long in use. Great difficulties, however, formerly existed in effecting such arrangements, owing partly to the fact that an assignment of all a debtor's property for the benefit of his creditors was held to be an act of bankruptcy, and avoidable by assignees in bankruptcy under their title by relation, which formerly extended back to the first act of bank ruptcy committed by the bankrupt, so as to avoid all alienations or dispositions of property made by him after that time; and partly to the fact that an arrangement of this sort bound only those creditors who assented to it, and was liable to be superseded by a dissenting creditor instituting proceedings in bankruptcy against the debtor.
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