obtain preference through legal proceedings and
not have vacated such preference at least five
days before the sale or final disposition of the
property affected by such preference.
After the petition has been presented the next step is the appointment
of a receiver or trustee for the purpose of protecting the creditors,
and also in the case of the individual to secure the application of
his property to the settlement of his debts so far as possible and so
secure for him a discharge from further liability.
Bankruptcy proceedings are regulated by the National Bankruptcy Act of