THE NEW BANKRUPTCY ACT.

Manawatu Standard, Volume IV, Issue 33, 8 January 1884, Page 2

THE NEW BANKRUPTCY ACT.

(From Pastoral arid ' Agricultural tNews.) la fulfilment of oar promise of last month, we now place liefdwJVour readers a summary of this important Act, at the same time expressing -as out Christmas wish to our subscribers the'hope-that, the number seeking protection" under its" wing will be^ very small when, compared with those who flourished under the expiring 'law, and about whom might be told similar stories to the following i— A gentleman of a very speculative lino of business, who had on" more than' one i occasion availed himself of the mild provisions of the existing Jaw to evade his pecuniary responsibilities, on 'being asked how it was that he so confidently ran the gauntlet again , and again, replied, that,' seeing the legislature ha'J no considerately passed "an Act for the Relief of Debtors," he did not see why he should hesitate at all possible times to take the fullest advan'.^g-e of it. From the general tone of the new Act— a fair estimate of which may be formed from the context-^we. anticipate that after a bankrupt, and especially s one whose dealings ,are . -.■tinctured* r -jtHth fraud or dishonesty, has once j got safely past all, the numerous pitfall attending his progress m the Bankruptcy Court, and obtained his discharge, he will scarcely attempt a recurrence of similar toiturts m the future. First,; as to the machinery lor administering the.A^t* There is to be constituted a "Court of I aw and Equity, being a Court of Record, called the Court of Bankruptcy ? ' v whicli is to ; liave jurisdiction throughout the colony m all matters of bankruptcy. The Judges m Bankruptcy are to such of the"present Supreme- Conrt_ Jtuiges as may be assigned to hold such office by 'the Governor, and are .to hold that office m addition to the 'office' of Judge of the Supreme Court. The powers and privileges of every- Judge m Bankruptcy are to bo co-extensive with tho.se which he already possesses as a Judge of ; the Supreme Court. The judicial disjjrjcts *of the Supreme. Court .are for convenience to be the districts of the Courts of Bankruptcy. -The District Courts throughout the colony are* to be "Local" Courts of but power is given tmrGovemor to exclude any District Court from fh'avihg any bankruptcy jurisdiction. The various Courts thus having jurisdiction are to be auxiliary to each other, but are hot to be 'subject "to be- restrained m the execution of their powers by order of any other Court, unless- where the proceedings are for convenience required by the creditor to be removed from the local Court into- the >:saperior;Coqrt, or m questions of law.— The same rights of appeal from Court to Court lie as at present. The jurisdiction anJ powers of the Courts areGprptly clearly defined. Wherein any; proceedings any question of fact arises which the parties desire to be tried by a Jury instead of by; the Court, or which the Court itself thinks onght to be tried by a,' Jury, the Court may direct^a trial by Jury. This is certainjy ; an improvement on the existing system, whereby such questions have to be determined by the prolonged and conflicting 1 mode of affidavit- iThe Registrar of the Court of Bauki-uptcy (who of course will be the present Registrar of the same Suprejne Court district) has, m the absence of "the Judge, the same, powers as thjj Judge, except as to holding sittings .for public examination of the bankrupt, of granting orders of discharge, of eonvmfcting to prison, or- hearing appeals; These, or slightly more limited <^>owei*s than these, are all given by the present Aofc. The clerks of the District Courts, it would appear, are given no powers, though they hitherto have had powers akin to those of the Registrar., Needy commission agents et hoc «enus omne will find their vocation- as regards " putting through " small bankrupts quite gone, as there ?is a special and striugent provision restricting any person not a barrister or solicitor m auy way intermeddling m bankruptcy proceedings; ' [To be continued,]