BANKRUPTCY (SCOTLAND). RETURN (in part) to an Address of the Honourable The House of Commons, A" COPY of the REPORT of the ACCOUNTANT in BANKRUPTCY in Scotland to the COURT of SESSION, for the Year ending October 1857, with its Appendices." (Mr. William Ewart.) Ordered, by The House of Commons, to be Printed, THE following Appendices to the Report, not being included in the order for printing, can be inspected in the Library by Members of the House of Commons; viz.— 1.-Alphabetical List of Sequestrations awarded under the Bankruptcy (Scotland) Act, 1856, as at 31st October 1857. 2.-Alphabetical List of Sequestrations under former Acts, which are regulated by the Bankruptcy (Scotland) Act, 1856, as at 31st October 1857; and 3.-General Results in Sequestrations awarded under the Bankruptcy (Scotland) Act, 1856, in which either final or partial divisions of funds have been made amongst the ordinary creditors, during the year ending 31st October 1857, the first year of the operation of the Act. APPENDIX. 1.-Particulars of Sequestrations awarded on or after 1st November 1856, depending at 31st October 1857. 2.-Particulars of Sequestrations awarded on or after 1st November 1856, settled by composition, during the year ending 31st October 1857. 3.-Particulars of Sequestrations awarded after 1st November 1856, in which there have been final divisions of the funds, followed by the discharge of the trustees, during the year ending 31st October 1857. 4.-Particulars of Sequestrations awarded after 1st November 1856, which was, during the year ending 31st October 1857, wound up, and the trustee discharged, without any division of funds, there being no funds available for division. 5.-Particulars of Sequestrations awarded under former Acts, regulated by Bankruptcy (Scotland) Act, 1856, classified as follows: Branch I.-Sequestrations depending 31st October 1857. II.-Sequestrations settled by composition, during year ending 31st October 1857. III.-Sequestrations in which there have been final divisions, followed by discharge of trustees, during year ending 31st October 1857. FIRST ANNUAL REPORT by the ACCOUNTANT in BANKRUPTCY in Scotland. To the Right Honourable the LORDS of COUNCIL and SESSION. THIS Report is made by the Accountant in Bankruptcy to the Court of Session, in obedience to the provisions of the Act of Parliament (19 & 20 Vict. c. 79), cited as the Bankruptcy (Scotland) Act, 1856, which came into operation on 1st November 1856. This Act provides (section 158) that "each trustee shall, within 14 days "after the 31st day of October in each year, or on the first lawful day after "expiry of the said 14 days, deliver, free of expense, to the sheriff-clerk of the county, a return, in the form of Schedule (H), hereunto annexed, of every "sequestration in which he is trustee; and the sheriff-clerk shall, within 14 "days thereafter, transmit, in the form of the said schedule, to the accountant, a return of all the sequestrations depending in the sheriffdom whereof he is "clerk; and the accountant shall cause the returns so made to be regularly "bound up and preserved, according to the alphabetical order of counties, in a volume, to be kept at all times in his office, with an index thereto, framed by him, and which volume shall be patent to all concerned; and any trustee "who shall fail to make such return, shall be removable from his office, at the "instance of any one creditor or of the accountant, or subject to such censure as the lord ordinary may think suitable, and be found liable in expenses. 66 66 66 It is farther enacted (by section 160 of the same Act) that "the accountant "shall superintend the annual returns required by this Act from trustees, and "frame an annual report to the Court of Session, showing the state of each depending sequestration returned to him, which report may be published in "the Gazette or otherwise, as the Court shall direct." 66 * It is under this latter clause that the accountant is required to make, and now respectfully submits, to the Court of Session, his first annual report. There are two classes of sequestrations which are regulated by the Bankruptcy (Scotland) Act, 1856 : 1st sequestrations, which have been awarded subsequent to 1st November, 1856, to which that Act directly applies; and 2d sequestrations, awarded under former Acts, which are regulated by that Act, in conformity with interlocutors, pronounced by the Lord Ordinary or by the Court, in terms of the provision contained in the 3d section. The present report applies to these two classes of sequestrations. In the absence of any form of report, or of any specific instructions regarding the matters to be reported, prescribed by the Act, the accountant has considered it his duty to present authentic lists of the sequestrations in question, with a general account of their position; and separately, in Appendix, the particulars in detail, exhibiting the condition of the estates sequestrated. He found it impracticable to give clearly, in one list or state, a combined account of the general position of the processes of sequestration, and of the details of estates sequestrated, as furnished to him. The lists of the sequestrations reported on (which are subjoined) are, for convenience of reference, framed, in alphabetical order, according to the leading names of the bankrupts whose estates are sequestrated. These lists will, it is believed, form a ready guide and reference to the position of all sequestrations in Scotland which have been awarded under the recent Act, or which are regulated by it. They present an index to the proceedings in these sequestrations, pointing out the parties who are engaged in the List No. 1 embraces all sequestrations awarded since 1st November 1856, under the recent Act. List No. 2 embraces sequestrations awarded under former Acts, but regulated by the Act of 1856. the administration and management of the estates, the courts in which the sequestrations depend, and the general position of the proceedings. The details or particulars of the estates involved in these sequestrations will be found reported in Appendix,* arranged in tabular forms, according to the state and progress of the process of winding up. The accountant must refer to the tables themselves for an index to their contents. He may state, however, that it has been his great object, in arranging these details, to present generally - 1st. The statement of the affairs, as given up by the bankrupt himself to his creditors, where such statement exists. 2d. The statement of the affairs given by the trustee. 3d. The progress which has been made in the recovery and application of the funds, showing, on the one hand, the amount of the trustee's receipts, and, on the other, the payments and charges properly classified; and 4th. The general position of the estates at the close of the present period (31st October 1857), contrasting the gross amount of each estate, as reported by the trustee, with the actual recoveries, and stating the amount divided amongst the creditors. In cases of sequestrations settled by composition, the two last heads of information are inapplicable; and, in the particulars of these estates, there will be found substituted 3d. A general account of the expenses incurred; and, 4th. The particulars of the settlement by composition. The short time during which the present Act has been in operation renders it difficult for the accountant to submit, in his first report, many general results as applicable to bankruptcy in Scotland. He begs permission to present to the Court the following statements exhibiting the general results, or experience of the practice of bankruptcy in Scotland so far as these can be safely and properly deduced from the information embraced in the present report. I. Number of sequestrations awarded in Scotland between 1st November 1856 (the commencement of the present Act) and 31st October 1857 inclusive, particularising the courts by which such sequestrations were awarded, and the position of these sequestrations, as at 31st October 1857. Number of Sequestrations awarded in the month of November 1856 41 December · March · April 49 29 39 40 19 د, Ditto ditto · August * See Appendix. 1st. Depending sequestrations, where the process of winding up is in progress. 2d. Sequestrations closed by con.position. 3d. Sequestrations wound up by realisation and division of the funds, and discharge of the trustees. |