THE NEW BANKRUPTCY ACT.

Manawatu Standard, Volume IV, Issue 37, 11 January 1884, Page 2

THE NEW BANKRUPTCY ACT.

(From Pastoral sn(T Agricultural tfews.) The adjudication may be. annulled by the Court, on the application of any person interested, where m the opinion, of the Court an ovder of adjudication might not have been made, or *vhere the debts are fully paid or satisfied, or where the bankrupt has passed the public examination (hereafter mentioned) and the Court is satisfied that the bankruptcy has been caused by misfortune without any misconduct on the part of the banki'upt. J ' ' : ' ' r

The assignee must file bis first accounts and declare a first dividend within three months after the first meeting of creditors, and succeeding dividends at intervals of three months until the final dividend is declared, and also advertise notice of the time and place; where dividend is payabhTand send" d"post card^-aH creditors "tit of the district. Ttfegnggl^nptcy is Jlosed when after a compp^tioji ■ {jfjojfered) has been approredjjy the Court, or the assignee reports to the-Court that ths whole property, of the bankrupt has been realised oi- can be realised without heedlessly protracting 'the bahkruptty, arid the^Gourt makes an order to- that effect, which is thereupon advertised. ... The mode by s wliich,a bankrupt has to, .obtain his discharge will 1 notllieiquite such'a walkdver^atat presents 'As a i fi^t :; step.;he has to. pass 4, public examiuation, to be held .'oii'a day appointed by ttie Court 'for that purpose, at which he is to "attend and be examined as to^h^^onducfcfdeaiings; and property.^ Any^reditpr wiohas proved hisckim.may,,witholit J any notice to Viipti !, examine him, and it is a bankrupt^ dtfty to answer all such questions as ihe-Qonrt ,may ;put or allQw to be put to him, and he is not deemfed to haVe-'iMfeSed suqh^cxamijiation untU'the Court by order deplores that his' affairs have been sufficiently investigated and his^exkiniiitation: 'finished* .[Having m this manner.passed/his.ekamination he may then apnly -to- the Court for an order ofdiscliarge, and the Court .^may plication cannotbe made before the close of s -^he banfcvuptby - (mentioned above), 'except with Wie^assent of a majority m number representing three-fourfchs-in value of the creditors preiaint, or represented by p)ix>3ty,, at a meeting of the creditors convened for the pur- ; pose, or. if no sufficiftit »unrber of creditors attend; then-en a certificate of the assignee. A fortnight's notice of the application has: tff? be advertised, and an^ creator "who, has proved may oppose' without ttbtice and eximine hirn^ Thejgrantiqgjof ihe^jOrder of diacharge is ii}, the N absolute 1 v discretion of the Court, which." may -either grant; refuse, or suspend" It^, or 'grant it on condition of 1 th'e.|ian^i^M paying so m uct ipL.iheg^ ' j^^ere't^rioi! ,-the discharge does not l'elieve tne. jmnkjiipt frbo* any debt bvi- liability- iqcurred by mMnk of #aud or any wilful* breach^ of trost; norfrom-any } deb^^iereb'f he had obtained, forbearafice by Wny^^aud. ;uor;^m:<^wn^e|ts, ; ; ;^- ,.; r ';^s, ' -.•ttii.;' (To.be eonpludedittTiJur nexi«Tf