THE BANKRUPTCY ACT

Dominion, Volume 12, Issue 33, 2 November 1918, Page 3

THE BANKRUPTCY ACT

AMENDMENTS ASKED FOR, A Tenuest that certain amendment , ; should be made in.tho Bankruptcy Act was made to the Attorney-General (Sir Francis Bell) on Thursday by a deputation from the Associated Chambers or Commerce. , Mr. W. Gow (Dunedin) stated that the present system was unsatisfactory, and it should be made more euitable and ,emcient. In some places bankruptcy work was done more satisfactorily to all concerned by private assignees,, and duly accredited private trustees, with central control, should be appointed. _ Mr. A. Leigh Hunt said tho declining number of cases put into the hands of official assignees was not an indication of commercial prosperity, but showed that private trustees were more satisfactory. The winding up of estates should be put solely into the hands of registered and responsible men. Private assignments should be registered, m that a man compromising with his creditors in one centre could not go to another centre without his assignment becoming known. It was also suggested ■that every trader should be compelled to take stock and draw up a balance-sheet every R. L. Paterson, W. Dobson, and J. G. Harkness also spoke. .' _ In reply, the Minister pointed out that tho administration of' tho Act was in the hßnds of Mr. Wilford, who was unable to be present. The Audit Department was very shorthanded, the business of the Government having trebled during tho war, but he would definitely promise to go into tho matter during tho tcccss, and bring before the associated chambers before, next session an amendment showing what the Government proposed. The. chambers could then submit alternative proposals if necessary. It would bo impossible to deal with tho question this session. ■