THE BANKRUPTCY ACT.

Auckland Star, Volume XXXVIII, Issue 153, 28 June 1907, Page 4

THE BANKRUPTCY ACT.

DUNEDIN CHAMBER OF COMAJER^ The sub-committee of the DnjjedV Chamber of Commerce has reported imon the recommendations forwarded" brtfaV Auckland Chamber in respect to pronosJ amendments to the Bankruptcy Act TV first clause stated:—l. We approved resolution recently passed by the Au& land Chamber of Commerce, and'suhmit that in view of the improved status'- of accountants in the colony of >Jew Zealand it is inadvisable to appoint more aSS Bees. The Auckland Chamber .jecom. mended that increased population arid w pansion of trade in out-lyin g : portions of the bankruptcy district would'seem to ■warrant the re-adjustment of the: tricts and the appointment of morei assi» nees. Another recommendation of'the Auckland Chamber was that one or more judges should be appointed, whose sisWUi business shall be bankruptcy work aal who, when not sitting in open :conrt could devote their time to supervising and advising the assignees. The aniww to this from the Dunedin Chamber was* — "Under no circumstances coulijwe approve the appointment of a juW whose spare time is be devoted to-a|' vising the official assignee upon: matters which may afterwards come before blim in his judicial capacity." As to streiMK. emng the Act as suggested by the Auckland Chamber, the Dunedin Chamber con ■ sidered it unnecessary. It also' disap^ proved of alleged improvements toeub. section S 3 on the ground that one eW tor could utilise the meeting as an act of bankruptcy and thus debar ,the majority from giving a debtor further time aM assistance. With regard to-a proposed new section, dealing with antecedent transactions, the Dunedin Chamber .'considered the clauses now inthe Act suffi. ciently stringent; also with' reiard-to a suggestion that at least qne. or-two'ol the books of account required-to bekent. should be enumerated,Vd"that'failwe : to treat proceeds of sale of busine&iu above should be a penal offence; the Dim. edin Chamber's recommendation W&:-, "The more draconic the legislation;'the less useful is it for practicalpurposes. In our opinion, closer attention 'to fte giving of credit -would render' 1 the .penal clauses unnecessary." If>iso considered that the existing Act 'suffidienily;'pro- ,- tected the creditors in theinattir:of Solicitors' fees. Appended, to' "the tecom'. mendations was a" memo r from tSe Bunedin Chamber v expressing the opinion that " The discontent which, we belive, is general the colony in comieQtjoa: with baikruptcy matters, may- be ' attributed to the defective administration of: the Act rather than its letter." This expression of opinion is not. intended' to convey any reflection upon • the Tfork -$ : individual official, assignees,' But a? a criUcikm of the system. It that any official can dp commercial-work as well~-as commercial men can'do. it themselves, and we must emphasisei our views that a reversal tof,the- creditoVs* trustees would be the.best mjihod ofcpiitting an end to the dissatisfacttqn whick undoubtedly exists." •- '■ 7- - .'. ■