The Evening Star: WITH WHICH ARE INCORPORATED The Evening News and the Morning News THURSDAY, JULY 29, 1875.

Auckland Star, Volume VI, Issue 1699, 29 July 1875, Page 2

The Evening Star: WITH WHICH ARE INCORPORATED The Evening News and the Morning News

THURSDAY, JULY 29, 1875.

JTer the c»uae ttat lavhr. »gsirt»-ac« .For the wrong tint ueniis n«i*;,y-.-' *'»r tha fitur* in the- di;tau;-,\ Ab4 tha sac.ll that ws etui «r

Ie the summary of the proposed Bankruptcy Bill, published in our Christchurch telegrams on Tuesday, is a fair resume of the scope of the measure which is to be introduced by the Government this session, ifc will, we think, be accepted as a step in the right direction. Its two characteristic features, so far as we can gather from the confused telegram, are—first, that no one can file his schedule with the view of escaping from his d c bts, the initiative in insolvency being left entirely with creditors, two of whom may call a meeting of those who have claims upon an estate, which will have power to appoint a trustee and declare a debtor insolvent ; and second, the permanent liability Of an insolvent for his debts, all property acquired subsequent to the issue of a certificate being subject to contri. butions towards the satisfaction of former debt 3. The meeting of creditors is to possess the necessary authority for examining on oath, calling for persons and papers and doing other things necessary for realising insolvent estates. Such a measure is a fair sequel to the abolition of imprisonment for debt and would prove much more efficacious in leading to caution than that barbarous system ever was. The man who feels that by no process can he get quit of his liabilities except by paying them, will be exceedingly cautious in hanging the millstone of irrevocable debt around Ms neck, and we shall not be afforded the spectacle, not unknown in colonial courts, of a man whitewashing over the results of a bad specu. lation previous to engaging in something more lucrative. How seldom it is that those who at any time in their lives are compelled to seek protection from the Insolvency Court and are relieved of their liabilities come forl ward afterwards and pay old debtseven when in a position to do so. Nor are they altogether^without 'justification iv the