THE NEW INSOLVENCY BILL.

Evening Star, Issue 3538, 25 June 1874, Page 2

THE NEW INSOLVENCY BILL.

At the Chamber of Commerce meeting yesterday, a communication was read from the Canterbury Chamber, together with a circular and suggestions for the amendment of Bill by their Sub-Committee. The suggestions were as follows: : Firstly. No provision is made, for the pro-; tection of shippers of goods on consignment from foreign ports, which may be in townsitu at the tune of the insolvency. Year Committee again ask the Chamber to make an effort to get the clause recommended in their former report introduced as a sub-section to clause 86, sb -M to add to the property of the insolvent not dmsable among his creditors “any goods over which any person other than the insolvent may have a right of steppage in to'ansitu. though such right may not have been exercised. Secondly. The point as to goods on consignment in possession of an insolvent at the time of his bankruptcy, and unpaid for, remains as Your Committee previously expressed a doubt whether they could be regarded as property held by the insolvent in trust for any other person, and they think some more definite protection should be provided for the oonsignotf in clause 86, sub-section’3“. 4 ■*’ Thirdly. The question whether an insolvents earnings between the commencement and close of his insolvency can be made divisable amongst his creditors, also remains as before, and your Committee think they should be specially excepted m sub-section 3 of clause 86. Fourthly. The next point to which your Committee drew attention in their former rereport was the effect of a certain clause in the Act they then had before them on the “ Mortgages of Stock Act.” The corresponding clause ui the new Act is sub-section 5 of danse 8b; and your Committee recommend that an addition be made to it, to provide that the wording thereof shall not in any way affect securities taken under the Mortgages of Stock i* landlord is allowed twelve months’ rent, if accrued, out pi any insolvent’s estate. Your Committee, in their former report, recommended the landlord’s claims should be recognised to the extent of six months’ rent; -and they are still of opinion that it would be sufficient preference to give in the case. Your Committee, in conclusion, think it most advisable that the necessary’ rules "in con" nection with the new Act shoufd be prepared a ? a* possible, and that forms fo smipufy its working, and more particularly a simple form of proof, such as any creditor can fill up himself, should be affixed, in order that creditors for small sums may not be put to unnecessary expense in proving their claims. The Committee of this Chamber recommended that the second, fourth, fifth, and concluding proposals should be adopted; the principle of the preamble approved, but not the words proposed to be added to the subsection, because they had a wider range * aa i bo clause 3, that the Act contained sufficient provision in other clauses to protect the insolvents’ earnings. The Chamber adopted the • recommendations of the Committee.