NEW BANKRUPTCY ACT.

Hauraki Plains Gazette, Volume XXXVIII, Issue 5172, 31 August 1927, Page 3

NEW BANKRUPTCY ACT.

SUPPRESSION OF NAMES. OBJECTION TAKEN. At a meeting of the executive ’of the Morrinsville Chamber of Com-' merce last week exception was taken to the clause in t,he Bankruptcy Amendment Bill prohibiting the publication of proceedings at an examination of a bankrupt without the consent of the Assignee. It was' pointed out that an examination of a bankrupt is held now only when the Assignee is of the opinion that it is advisable that some-further investigation of the bankrupt’s conduct should be made. If the bankrupt bad been honest, and straightforward in his dealings with his creditors it is in his own interest that the public should know this,, and that his present position was due to misfortune or other circumstances beyond his control. On the other hand, if the conduct of the bankrupt had not been honest and straightforward, then the public were entitled to know what has caused the debtor’s bankruptcy and what treatment the bankrupt is entitled to in the future.

The primary purpose of bankruptcy proceedings was to enable the hopest person who through stress of circumstances was unable to pay his creditors in full, to make a fresh start in life. He was given this fresh opportunity at the expense of his creditors, who are in the mqin the business people of the Dominion. These people were entitled to full information as.to the conduct of all persons who obtain this legal discharge of their pecuniary liabilities. A motion opposing the clause .in question was carried, and a copy is to be sent to Mr C. E. Macmillan. — Morrinsville Star.