THE DEBTORS AND CREDITORS ACT.

Grey River Argus, Volume III, Issue 136, 24 November 1866, Page 2

THE DEBTORS AND CREDITORS ACT.

As .there prevails some misunderstanding as to the tenbr'of- 'thc ; n'ew"Ameiuljnciit Act, we quote the following remarks of Mr Justice Chapman, at a sitting of the Suprcriie Court, atOtago, on JTovember 6, from the ; Daily Times: — •: ■ : : ; . . FINAL HEARING. The Judge. said, that, the Amendment Act materially affected all tho insolvents' who stood for a final hearing ; and there appeared to be six' of. them! .'Unless; their estates would pay not leas than Gs 'tfd in ; the pound, there could be no final order for six months. The Act provided that if at the final heaiing •ofanj' petition presented before or after the passing of the Act 4 ' ifc be made .to. a|>pea/- to the ' Court "' that the estate would not pay over and above the costs, 0s Sd in the pound, relief should hot be granted until the expiration of such time as -the. Court-might determine, not being more ; than three years nor less than six months from the'date of^.the order. But, if at a meeting of credll^rs, held ibefore the final hearing,', and convened in accordance with the rules of the Court, a majority in number being present personally or by prcix}', representing one-half in value, a resolution should be adopted that the creditors were willing that the debtor should at once obtain relief, then the Courts migls| grant' relief at once, or at such .later time'atT it should think fit. However much tho Court might think an insolvency the result of misfortune and not of fault, the Court had no discretion as to granting relief within six months, unless, it appeared that the estate' wonld,pay.6s Sdinthe pound, or there had 'becii action and a 'resolution by the creditors as provided.' It iiiust ]>o obvioiis tliafej in th 6 majority of cases, the schedule, which' was before the Court, made it appear that 6s i .-Sil could nqfc bo 'ijaiil, but, also, if there hndtbeen time! given,' the, creditors, in at least some of tnc'Vases lefoi e the Court, might lave resolved in favor, of immediate relief. lie would, therefore,' give time to thesesix iiisolvcnts toascertain theviews of their creditors ; for the. Act had come sud-i' den'ly into force, and' Very little% ; as known of it, 'although ifc had b'eeii very properly and fully printed by the "newspapers here. If in any of the six cases Gs -8d iiv- thepound had been, or could be. paid, .he, would hear the parties at once, and any order as to meetings of creditors 'M'quld. not affect the right to oppose, "in* any of, the cases, on special grounds. ' '