AN ACT FOR RELIEF OF DEBTORS AND FOR THE BETTER SECURITY OF CREDITORS.

Hawke's Bay Times, Volume II, Issue 73, 20 November 1862, Page 6 (Supplement)

AN ACT FOR RELIEF OF DEBTORS AND FOR THE BETTER SECURITY OF CREDITORS.

(Continued from our last.) Deeds of Arrangement under conditions specified shall bind all Creditors. XXTII. Every Deed or Instrument made or entered into between a Debtor and bis Creditors or any of them or a Trustee on their behalf relating to the Debts or liabilities of the Debtor and his release therefrom or in Distribution Inspection Management and winding up of his Estate or anv such matters shall bo as valid and effectual and binding on all the Creditors of such Debtor as if they were parties to and had duly executed the same provided the following conditions be observed that is to say. 1. A Majority in number representing Three Fourths in value of the Creditors of such Debtor whose Debt shall respectively amount to Ten Pounds and upwards shall before or after the Execution thereof by the Debtor in writing assent to or approve of such Deed or Instrument. 2. If a Trustee or Trustees be appointed by such Deed or Instrument such Trustee or Trustees shall execute the same. 3. The Execution of such Deed or Instrument by the Debtor shall be attested by an Attorney or Solicitor.} 4. Within Twenty Eight days from the day of the Execution of such Deed or Instrument by the Debtor the same shall be produced and left with the Registrar or Deputy Registrar of the Supremo Court for the District for the . purpose of being registered. 5. Together with such Deed or Instrument there shall bo delivered to such Registrar an Affidavit by the Debtor or some person able to depose thereto or a Certificate by the Trustee or Trustees that a Majority in Xumber representing Three-Fourths in value of the Creditors of the Debtor whose Debts amount to Ten Pounds or upwards have in writing assented to or approved of such Deed or Instrument and also stating the Amount in value of the Property and Credits of the Debtor comprised in such Deed. 6. Immediately on the Execution thereof by the Debtor possession of all the Propertycomprised therein of which the Debtor can give or order possession shall be given to the Trustees. When costs mag lie allowed. XXIY. The Court may in its discretion allow to any opposing Creditor the costs of opposition to be added to such Creditors debt or liability against the Applicants or Petitioners estate. List of Petitions shall be gazetted. XXY. Lists of persons applying for relief under this Act shall bo published in the Government Gazette of the Province in which the application is made. Appoint men t of .'Mercantile Assessors. XX\ L The Governor may by warrant under his band appoint persons of Mercantile experience resident in the Colony to be Mercantile Assessors under this Act and may from time to time remove such persons or any of them. Powers and Duties of Assessors. XX-VII. If upon the hearing of any Petition or upon any enquiry or ’proceeding arising out of or in relation thereto the Court shall desire to be assisted or advised by a Mercantile Assessor or Assessors upon any question mat ter or thing whatsoever in any way relating to the conduct of the Petitioner the state of his affairs or of an y particular account or affair the nature of the arrangement proper to be made with or for the benefit of the Petitioner’s Creditors (he terms and conditions of any order to be made by the court or upon any ntlii'l- n'Kltro nr tinner wlinlsnowr in any wny m. latiug to or arising out of the Petition or any proceedings thereupon it shall bo lawful for the Court to summon and require the attendance of any one or more Mercantile Assessor or Assessors

named in such summons at any time or place to be named in such summons and every Mercantile Assessor so summoned shall obey such summons and shall be bound to attend the Court from time to time as may be ordered by the Court until discharged and to advise and assist the Court in reference to the matters aforesaid in such manner as the Court shall require and lor that purpose the Court may refer to such Mercantile Assessor or Assessors anv accounts books or papers whatsoever and may call on and require such Mercantile Assessor or Assessors to make a report to the Court upon any specific question matter or thing winch may be referred to them and such Mercantile Assessor or Assessors shall in executing the duties so imposed on them have power to examine the Petitioner and witness on Oath and to call for the production of books papers and accounts and to conduct their enquiries at such times and in such manner as to them shall seem fit. Procedure on summoning Assessors. XXVIII. Before the Court shall summon any Mercantile Assessor or Assessors under the last section the Registrar of the Court shall cause notice of the intended appointment to he given to the Debtor and to any opposing Creditor and such Debtor or opposing Creditor mav at any time within three days after such notice by notice in writing to such Registrar challenge peremptorily such Mercantile Assessor or Assessors and so oil for two successive appointments ami the Debtor or opposing Creditor may furtherapplv to the Court shewing cause why any other Mercantile Assessor or Assessors should not be summoned as aforesaid and the Court may either grant or any refuse such application. Fees payable to Assessors. XXIX. The Court may order such reasonable fees and allowances to be paid to such Mercantile Assessor or Assessors as to the Court shall seem fit not exceeding three guineas per day for every days attendance or occupation about such business. Sale ,yc. by Prisoners must hare consent of Court. XXX. Xo sale Mortgage Delivery or Disposition whatsoever of any real or personal Estate of any Prisoner in custody shall be of any force or effect whatsoever unless the same shall be made with the consent of the Court or such person or persons as the Court shall in that behalf from rime to time appoint and no such consent, shall be given unless it shall appear to the Court or to such person or persons that the same is made bona fide and is not meant to defeat the Prisoners just Creditors or to give undue preference or with any other fraudulent intent whatever. Fraudulent 4 - c. assiynmenls void. XXXI. If any Debtor who shall become subject to the provisions of this Act shall being in Insolvent circumstances convey assign transfer charge deliver or make over either voluntarily or fradulently any security for money Bond Bill Xote money property goods or effects or real or personal estate whatsoever to any Creditor or Creditors or to any other person or persons every such transaction si mil be fraudulent and void as against any Trustee to whom the estate and effects of such Debtor shall bo conveyed or assigned under any order of Court made under tins'Act Provided such transactions shall have taken place within three months next before such order made Provided that nothing in this Art contained shall prejudice or affect any bona fids purchaser for valuable consideration without notice of fraud. Certain. Deeds fc. invalid. XXXII. Every Act Deed Disposition or Delivery of real or personal Estate goods chattels or effects whatsoever made by any Prisoner in custody contrary to the provisions of this Act shall be void and of no effort. Trustee may recover in certain cases. XXXIII. Every Trustee appointed under this Act shall have tire same power of recovering and receiving any debts or monies goods chattels and Estate disposed of by a Prisoner in custod y contrary to the provisions of this Act as effectually as if no such disposition thereof had taken place. When maintenance of Prisoner payable out of Estate. XXXIV. Where a person in custody shall ho maintained at the public charge there shall be paid out of the estate and effects of such prisoner so long as ho shall bo so detained and so far as such estate and efforts will extend the sura of five shillings per week for his maintenance and the same shall be paid to the Keeper of the Gaol towards the maintenance of the prisoner and accounted for by him accordingly And the Court shall in any order relating to the estate and effects of the prisoner under this Art make provision for payment of such sums accordingly in preference to any other debt or liability whatsoever. When maintenance payable by Creditor. XXXV. A detaining Creditor shall pay at the rate of five shillings per week for the maintenance of a Prisoner detained at his suit and failing such payment the Court may order the Prisoner to he discharged The money so paid to bo applied in reimbursement of the cost of maintaining the Prisoner. Creditors to contribute cqu ally. XXXVI. Where there shall be several detaining Creditors they shall contribute equally towards the maintenance of the Prisoner at the before mentioned rate On failure of a detaining Creditor to make such payment the Debtor shall be discharged from custody as regards the debt duo to the Creditor so failing to make such payment. Meetings of Creditors. XXXVII. Meetings of Creditors of any Debtor who shall come or be brought under the provisions of this Art may be from time to time convened and held by or under the direction of the Court or in accordance with any rules or orders to 'be made by the Court and which the Court is hereby empowered to make in that behalf for the purpose of considering questions matters and things relating to the estate and affairs of such Debtor And the proceedings of such meetings shall be regulated in such manner as may he appointed by any such' rule or order as aforosahl and such meetings shall have power to make recomendations to the Court touching any such questions matters or things which recommendations elmll have simh forgo and effect and shall he obligatory or not on the Court as may in and by such rules and orders as aforesaid be from time to time provided. To be Continued. '