When the assignees have recovered all they can, they must after four, and within twelve months, give notice of a meeting for a dividend. The commis sioners then direct the dividend to be issued at so much a pound.
Within eighteen months from issuing the commis sion, a second and final dividend is ordered, if there be any thing remaining ; and if there be a surplus af ter all the debts are paid, it belongs to the bankrupt.
If the bankrupt conform in all respects to the sta tutes, and if the creditors, or four-fifths of them in number and value, will sign a certificate to that pur port, the commissioners are to authenticate the same, and transmit it to the Lord Chancellor, who, upon oath made by the bankrupt, that it was obtained without fraud, may allow the same, or disallow it on cause shewn by any creditor. If it is allowed, the bankrupt is entitled to an allowance out of his ef fects to put him in a way of industry. This allowance is proportioned to the amount of the dividend on his estate, but must never exceed L'300. The bankrupt is also, by his certificate, discharged for ever from all claims for any debts which were proved or prove able'under the commission.
When a person has obtained a certificate, and be comes bankrupt a secojid,time, unless he shall pay fifteen shillings a pound, he shall only be indemnified as to confinement of his body ; but his future 'estate shall be liable to his prior creditors.
Such is the law of England regarding traders. All other persons remain subject to the common law, both as to their person and effects. They are liable to perpetual imprisonment, unless relieved by the in solvent acts occasionally past, or by the provisons of what is called the Lords' Act. By this statute it is provided, that a debtor incarcerated for a debt under 300, may petition the courts for liberation, which will be granted on conveying to his creditors all his effects. Had the enactment ended here, it would have been indeed a most salutary provision, equal in kind, though not in extent, to the Scots process of cessio bonorunt ; but it goes on to declare, that if the incarcerating creditor shall object to the liberation, and shall find security for an aliment to the debtor, not exceeding two shillings and four-pence weekly, he may detain him in prison. See Bell's Commentaries on the Law of Scotland in relation to Bankruptcy ; and Cooke and Cullen's Treatises on the Bankrupt Law of England. (r)