The most common act of bankruptcy is the making of a general assignment for the benefit of creditors. As a general rule, a voluntary assignment for the benefit of creditors is less expensive than bankruptcy proceedings. It requires honor, mutual confidence, and good faith, while on the other hand bankruptcy procedure is especially valuable in case there is any suspicion of misrepresentation or dishonesty. Bankruptcy is a harsh and, for most corporations, a fatal remedy for insolvency. It is, in fact, hardly worth while to attempt to rehabilitate a corporation that has gone through bankruptcy. It is usually far easier and better to form a new corporation which will purchase the assets and proceed to carry on the business. Receivers' Powers and Duties The purpose for which a receiver in equity is appointed, is usually quite different from the purpose of a receiver or trustee in bankruptcy. The latter aims first to take possession of all the property of the insolvent individual or concern; next to dispose of the property as quickly as is practicable; and third, to distribute the cash that has been realized. A receiver in equity, on the other hand, has for his function to keep the business running as smoothly and with as little loss as possible. He may make some changes in methods of administration and may properly retrench whenever he can do so without impairing the efficiency of the property, but in general he carries on the business in about the same manner in which any business is carried on. He aims not to turn the assets into cash, but to keep working as profitably as possible. Not infrequently The property of a corporation could not be sold for an amount sufficient even to reimburse the secured creditors; yet as a going concern it may be able to earn normal profits. This is the case, in fact, with almost all companies that have become technically insolvent. They are not, in the first place, properly subject to the Bankruptcy Act since their assets certainly exceed their liabilities, and to attempt to wind them up would be poor policy for every one concerned. The best and most common procedure with all such insolvent corporations, as well as with banks, insurance companies, and railroads, is to arrange usually through friendly proceedings for the appointment of a receiver to conduct the business while negotiations for its reorganization are in process....

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