tors, which discriminates between involuntary inability to meet
obligations and wilful [v.03 p.0321] refusal or neglect, and which secures
to creditors as between themselves an equitable share of such of the
debtor's assets as may be available for the payment of his liabilites.
These are the objects which the bankruptcy laws have primarily in view.
Another object, which has not always been so fully recognized as it might
appear to deserve, has marked the most recent legislation, namely, the
fostering of a higher tone of commercial morality and the protection of the
trading community at large from the evils arising through the reckless
abuse of credit and the unnatural trade competition thereby engendered. It
must be admitted that these objects are of a somewhat conflicting
character, and wherever the state has interfered with the view of securing
an efficient system of bankruptcy legislation the task has been found to be
extremely difficult. Not only have the conflicting interests of the debtor
and his creditors to be taken into account, but the method to be adopted in
dealing with his property has also given rise to much conflict of opinion,
and to a lack of uniformity and consistency in the legislation which dealt
with it. The debtor's property was naturally regarded as belonging to the
creditors, but it could not be distributed among them until it was
realized, and until their respective right and interests were determined by
competent authority. In some cases claims to rank as creditors are of
doubtful validity. In others the creditor holds securities, the value of
which requires investigation, or he claims a preference to which he may or
may not be legally entitled. Creditors have thus conflicting interests as
between themselves, and are therefore incapable of acting together as a
homogeneous body. Hence the necessity for calling in the aid of
professional assignees or trustees, solicitors and other agents, who made
it their special business to deal with such matters, exercising both
administrative and quasi-judicial functions, in return for the remuneration
which they receive out of the property for their services. Professional
interests, which are not always identical with the interests of the debtor
or the creditors, are thus called into existence, and these interests have
from time to time exercised a powerful influence in shaping the course of
legislation.

While the law of bankruptcy has therefore been largely