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Updated: May 26, 2025
As soon as the insolvent's schedule is filed, the Court of commerce appoints a judge-commissioner, whose duty it is to look after the interests of the still unknown body of creditors, and also to protect the insolvent against the vexatious measures of angry creditors, a double office, which might be nobly magnified if the judges had time to attend to it.
The creditors, real or pretended, are expected to be present and choose the provisional assignees, who are to supersede the agent, step into the insolvent's shoes, became by a fiction of law the insolvent himself, and are authorized to liquidate the business, negotiate all transactions, sell the property, in short, recast everything in the interest of the creditors, provided the bankrupt makes no opposition.
Also the minor children of a naturalized citizen, if dwelling in the United States at the time of his naturalization, become citizens. A bankrupt is an insolvent debtor; that is, a person who is unable to pay all his just debts. A bankrupt law is a law which, upon an insolvent's giving up all his property to his creditors, discharges him from the payment of his debts.
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