William R. Day

“ It is the purpose of the bankruptcy law, passed in pursuance of the power of Congress, to establish a uniform system of bankruptcy throughout the United States, to place the property of the bankrupt under the control of the court, wherever it is found, with a view to its equal distribution among the creditors. The filing of the petition is an assertion of jurisdiction with a view to the determination of the status of the bankrupt and a settlement and distribution of his estate. ”

“ It is my judgment that the creditors ought to manage and control the estate. The creditors can produce results much better than any receiver in handling a large manufacturing concern like the Acme Harvester Company.'
The circular further said that the court had referred the matter to the referee in bankruptcy to inquire into the truth of the allegations of the petition, and to ascertain whether the petitioning creditors had any standing or right to file the petition, adding that there was really only one creditor left in the bankruptcy proceeding. ”

“ Whether ancillary proceedings could be had in a district court in aid of the jurisdiction of an original court of bankruptcy was a subject of much discussion and diverse decisions in the Federal courts. ”