e, and in 1869 the
system of official assignees was swept away, and a new court of bankruptcy
created with one of the vice-chancellors at its head as chief judge, and a
number of subordinate registrars or inferior judges under him. This court
has also now been abolished, and the business is administered by a judge of
the high court specially appointed for the purpose by the lord chancellor,
with registrars of the high court, who deal with the ordinary judicial
routine of bankruptcy procedure in the London district, while similar
duties are performed by the county-court judges throughout the country.

[Sidenote: Rights of creditors.]

But the questions which have proved the most difficult to deal with, and
which more than any others have been the cause of fluctuating and
inconsistent legislation, have undoubtedly been those relating to the share
which the creditors ought to have in the administration of the proceedings,
and to special arrangements effected between a debtor and his creditors
under conditions more or less beyond the control of the court. These two
questions are largely intermixed, and the history of English legislation on
these points and its results throw much light on the causes of the failure
of the many attempts which have been made by the most eminent legal
authorities to bring the law into a satisfactory condition. The right of
creditors to exercise some control in bankruptcy over the realization of
the debtor's property through an assignee chosen by themselves was
recognized at an early date, but this right was exercised subject to the
supervision of the court which investigated the claims of creditors and
determined who were entitled to take part in the proceedings. Provision was
also made for the interim protection of the debtor's property by official
assignees attached to the court, who took possession until the creditors
could be consulted, and under the supervision of the court audited the
accounts of the creditor's assignee. So long as this system continued
substantial justice was generally secured; the claims of creditors were
strictly investigated and only those who clearly proved their right before
a competent court were entitled to take part in the proceedings. The
bankrupt was released from his obligations, but only after strict inquiries
into his conduct and under the exercise of judicial discretion. The
accounts of assignees were also strictly investigated, and the costs of
solicitors a