June, 1838, the French law of 1807 on bankruptcy and insolvency was abrogated, and an entirely new law was promulgated, which now forms Book HI. of the Code de Commerce (Des Faillites et Banqueroutes). In France, the Tribunal of Commerce acts as a court of bankruptcy, and its judgment declares the insolvency (faillite). The same judgment names the " juge-com missaire," who is a member of the Tri banal, and discharges duties analogous to those formerly performed in England by the old commissioners of bankruptcy : he fixes the sum to be allowed to the trader for support, conducts the examination into the affairs of the estate, directs the sale of property, &c. In some cases an appeal lies from his decisions to the Tri bunal of Commerce. The "syndics "act as assignees, but are not selected from the body of creditors, and they are re munerated for their services at the dis cretion of the Tribunal. As the expense of prosecuting fraudulent bankrupts, when successful, is defrayed by the state, mi nutes, &c. of each case are made when ever required, for the use of the public department which has cognizance of pro secutions in bankruptcy ; and the report which the syndics make to the " juge commissaire" on the state of the trader's affairs is always transmitted with ob servations to the " procureur du roi."
A trader may be declared insolvent at the instance of one or more of his credi tors ; but if he ceases to fulfil his engage ments he is required to make a declaration of insolvency before the Tribunal of Com merce, accompanied by a statement of his affairs. The Tribunal next appoints a "juge-commissaire " for this particular case, and also provisional syndics. A " juge de pair" is then required to place his seal on the effects, and the trader himself is taken to a debtors' prison, or placed in custody of an officer; though, when a voluntary declaration of insol vency has been made, he is not deprived of his liberty.
The last meeting of creditors is held for the purpose of hearing a report by the syndics of their proceedings, and of deli berating on the concordat, which is in most respects equivalent to a certificate in the English bankrupt law, and must