BANKRUPTCY COURT.

New Zealand Times, Volume XXXIII, Issue 5536, 24 December 1878, Page 3

BANKRUPTCY COURT.

Mondat, Deoejibur 23. (Before His Honor tho Cnief Justice.) IN BE J. h. P. HUHER.

Mr. Bell applied that a deed of assignment might be declared completely executed. There was no opposition, and the order was made as prayed. IN KB JOSErH JOHN TYB. Mr. Fitzherbert moved for an order declaring completely executed a certain deed of composition. Mr. Travers, who opposed on behalf of Mr. R. J. Duncan, took objection that the minute book of the proceedings contained no record of any resolution by the requisite majority in number and value of creditors. Mr. Fitzherbert said the resolution had been filed. His Honor waß inclined to think the omission to enter the resolution on the minutes was not of much consequence. Mr. Travers observed that if that was the case then the minutes became of no value whatever. Creditors might insert or omit from their minutes anything they pleased. His Honor : No doubt it is very careless aud to be reprehended, but it does not, I think, invalidate the proceedings.

Mr. Travers : Then I will call attention to the character of the deed. It seems there have been two deeds. On 24th October, 1878, a deed of assignment between the debtor and Nathan Isaacs was signed, and then there waß an amendment on 30th October. Subsequently there was a deed of composition, and the Gazette notice does not distinguish which it is sought to have declared completely executed. Mr. Fitzherbert said that when the October deed was submitted to a meeting of creditors it was not approved. It was revoked, and a deed of composition substituted. His Honor thought the property had all passed by the first deed. He did not see that the first deed could be revoked. It must either be assented to, and further proceedings cease, or else not be assented to, in which case it became an act of bankruptcy. The Act gave the creditors no power to deal with the matter as they had done. He must decline to declare the deed completely executed, but would postpone the matter till the first sitting in bankruptcy after the criminal sittings. The Court then adjourned.