THE NEW BANKRUPTCY ACT.

Manawatu Standard, Volume IV, Issue 36, 10 January 1884, Page 2

THE NEW BANKRUPTCY ACT.

(From Pastoral ana Agrical|nral News.) , The first meetiug ofctetlitors is to bo summoned by the assignee at some convenient place ; -for a day'i not later than seven days 'after the adjudication. /A] ii[o|i(^ pf th|B ti'mefaßdj pl&cejsp < jap* pointed has Voi be forthwith ' iulvertised by hir&, and & copy served on the bankrupt,, a post caid sent to,, suoh of the creditors as are residents the district. The bankrupt^ifnles's from sickness or other unavoidable accident) is -required to attend the meeting, and submit himself to such manner of, examination, and give such information m the neeting x-eq^uireii^ anid ifJie fails to. do' so is deemed to 1 jje^ guilty of contempt of Coiii-fc and punishable accordingly- The present Apt,- while exacting similar attendance,, #o,, impo^d no., penalty whatsoever, and the the. cbnseqiience was that' the. debtor usually treated the /meeting wit^tin aniounti of indiflerence, and not unfreqnently with actual disrespect • and; contempt. At the gfineralmot tings of creditors) ordinary resohitions are now required to be carried by only a majority m value of the creditors, present t personally f or by proxy, and not number and value as heretofore. Proxy form cannot, however, for thefiVfcurei.V'ewsedforthe.pu;^ pose of .voting for the liolder^, unlesa they specially authorise such an act being done. . > The provisions as to the avoidance of, volnutary settlement-?, , fraudulent preferences, and preferential 'payments are the same as contained m the present act, /with. this addition, that every bill of sale shall also be avoidable if executed within, six months of the order of adjudication , u «*cep^ to. money actually advanced or paid, or the actual .value., of goods and chattels sold or siiippiied J by tho grantee of the bill of sale to the . grantor contemporaneously with ilte execution thereof," but the creditor so intended to be there-

}>y secured whore the bill of sale is void is, however, entitled to prove for 30 much of the money whirh is justly owing to him. Bent due by the baakvapt at the time of his bankruptcy to the e xteDt of six m onths on y ' and without ? distress, i* now mu dea ? e fcrentml debt, but the landlord imy prove for an y excess due to him. V mm l^ Visi ° na for thc «'»«ction, admmstration and distribution of the a*ets are clear an,| imperative The assignee xs -with all convenient speed* into money,l?nicra7B to paHnta ile Wnk to a« 4e par^ a^Zi 'foTeach [«te, ? 4il^ityrawals^rthe mir poses of the estate af^eqSTto'bebv' cheque, signed by the\ssi gnee ft ns countersigned by the supervisors if any. To make the performance of this duty effective. lfc is provided that if the assignee retains more than £20 m his hand^for pvef.ajwtek it into the banfe,i U hj,^ THl? to pay interest tliereon at rate of 20 he is liable to dismissal from his office and pay al|^ expenses, 'occasioned by hi* default, ualess he can explain such retention to the satisfaction of the Court, fhe bankrupt-caimet the °& Sr S** his own estale an d the goAdWiH of Iw trade or WrieJ^ uitfass the Court gives its special sanction. Ihe order ot preference m which debts are to be pai « is as follows :— (1) The cost and expenses projierly inciH-redJimd payable by the assignee m the execution of his office; ..(2) ; Six mpistlw'r. rant as abo^•e mentioned. (3) The wages or salary of any clerk or servant, not exceeding threevninmthjr^agißs, or £100---the wages of any artisan or laborer! whether skilled or unskilled, not exceeding ;three motffctwTwH &[ea/at^iSfrent rates; the wages of tlie same class »t piece-work, not exceeding the amount earned by him m the preceeding three months ; and the bankrupt is not entitled to apply for or obtain his discharge until all such claims for wages .are_satisfiecU_(4) The costs and oxpeuses=of any creaitoVmlssuiny -the execution on whickthe debtor was&ule bankrupt; the fesT^fthe debAr m filing fijs pet^wnrSadr other jnltlers consequent thereon ; aimUs&'taxes payable withing-SiJTmonthsofthebank-ruptcy; and 1 -any^ murdered by the Court to oKpaiUorftiref tHe bankrupt's estate as a refund of > premiAiraii,.to ,«ny apprentice. Each *lass oi m (3) j arid(4)Tank«-eqanlly, and if unable to be paid m full, abate m equal proportion's between themselves. ' l Tbe'bklance then becomes- devisable' amon(«-aW Ahe creditors who r huye- proved, rateably. ' [To bfe : dbntin^ed;] **"«>£*