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The Pamphlet Collection of Sir Robert Stout: Volume 30

No More "Extraordinary" Bankruptices

No More "Extraordinary" Bankruptices.

And this brings me to another most extraordinary feature of business life of the present day, which would at once be abolished if the long credit system were done away with. I refer to bankruptcies in which the assets are figured as being greater than the liabilities. To the uninitiated, it is difficult to account for the phenomenon of a man declaring his inability to meet his engagements when his means are greater than his debts. It is like saying "a munificent providence has endowed me with more than I require, yet I cannot pay your dues." Why can he not pay? Because owing to the wretched system which prevails, he cannot call in his outstanding assets, and consequently has to fall, whereas he should be in a position to pay 20s in the pound at any moment if long credits were abolished, and man paid man as liability became due.