THE BANKRUPTCY ACT.

Dominion, Volume 2, Issue 476, 7 April 1909, Page 7

THE BANKRUPTCY ACT.

SUGGESTED' ALTERATIONS. (BH TELECiKAIMI— TKK2F ASSOCIATION.) Dunedln, April 6. Tho sub-committee of the Chamber of Commerce appointed to consider suggestions tor the amendment of the Bankruptcy Act submitted their report to-day. They 'considered it inadvisable to appoint moro oilicial assigneos, and recommended that the distinction recognised by tfco Companies Act between an official liquidator, and a liquidator under voluntary liquidation be extended to bankruptcy. * Under no circumstances could tho sub-committee approvo of tho appointment of bankruptcy judges. It is not thought that the Act would be improved by constituting tho calling of a creditor's meeting, for the purpose of considering debtors' position an "available act of bankruptcy." Tbo "antecedent transactions" clauses in the Act ivoro considered sufficiently stringent. The sub-committee approves of the Assignee being empowered to grantdischarges, but docs not think that the unanimous consent of creditors should bo required. It prefers a majority in number and value, provided that any dissenting creditor should be at liberty to apply to tho judgo within a limited time to review tho Assignee's discharge. In regard to insolvent estates in the hands of the Public Trustee, it is recommended that such estates bo handed over to tho assignee's official or otherwise at tho discretion of tho parties interested. It is recommended that it be made compulsory for Oilicial Assignees to furnish each creditor with a complete statement of receipts and disbursements immediately the estate is finally wound up. Tho report was adopted with slight amendments.