The Bankruptcy Law

Feilding Star, Volume XI, Issue 149, 10 June 1890, Page 3

The Bankruptcy Law

SWEEPINO ASSERTIONS. (PEE UNITED PHEBB ASSOCIATION). Dunedin, June 5. At a meeting of the creditors oi Thomas Lindsay, of Palmerston, a sstocfcbroker, th« statement showed Ith? liabilities to be L 2515, and the »Bgets £172, leavinjr a deficiency of 3L2343. The bankrupt was stated to be ill. Mr Donald Reid stated that the bankrupt had within the last three months obtained LIOBO worth of stock :f rom him, and there was nothing tc ahow where more than half had gone. It was only a few weeks since the bankrupt had been trying to get him to deliver another 1000 sheep to him. If they met a highwayman on the public -thoroughfare the law prosecuted him, and they knew how to protect themselves against such, bul when they met a man who uiged oc them that he was doing a safe business and by fa' so pretences g>t hold of their money, they had no protection It was time that the law should b« put on such a footing that it shoulc <not be a • terror to the 1 man. : who die -well and a prize to the man who dk -wrong ; bat it was the reverse — then seemed to be no prospect for anyon« an business in the community unlesi he was prepared to enter on a. coursi k, -of 'deceit and low trickery that &nj iair person would avoid. He wai «ware ffhe Assignee could not alter -th< Jaw, but ut was -not reasonable tha the creditors were to raeet there ii solemn farce t-o/spe their money takei jfrom them, and to see a man wh< took it being respected, while th< oreditors; spent . anxious days anc nights oTer their wickedness. Hen was a maa keepine a stud, of race torses, while he (Mr Eeid) hai har( work to keep a hack, yet the bank xrupt got LIOOO y nth of, his money a,nd he was not ,to get 1000 shillings in return. There was a better remech required than an order of the Cour ior a discbarge feeing kept back "What did these bankrupts care foi that ? They went on trading in fchei wives' names next week, and were al grays ta;ken by the hand by th highest in.the land (always pr ivide( the latter h-»d not .sufferori thr g tn em^And«arded«n4»highraa >vei SV wished to : *;draW partiouiar at tention to this on the eve of thie ses « on oi Parliament, and hoped th legislators would deem jt time to con *'4er howtiie?law could be revised. Th

only way was by devising some adequate means of punishment. Other creditors having mentioned similar transactions, the Assignee was d requested to take steps to ascer'ain ;e the amount of stock bought and sold 3 » during the last six months.