NEW BANKRUPTCY ACT.
A Wellington correspondent says that the new Bankruptcy Act in its present shape, as it finally left Parliament, extends to 49 pages, and numbers 235 clauses. Without pretending to give an exhaustive analysis of this bulky Act, I may just say that the greater portion is a mere reproduction of former laws on the subject. Its chief features of novelty are : (1) Relegating the administration of bankrupt estates to official as, signees instead of leaving it in the hands of trustees elected by creditors, (2) Providing for summary punishment of. fraudulent debtors by process of Bankruptcy Court instead of Committing for trial before a jury as under the present system, which renders convictions for this offence almost impossible to secure. (3) Making bankruptcy essential to the validity of a composition with creditors, so that no man can compound with his creditors without first making himself a bankrupt under the Act. I find the chief authorities are by no means expectant that this Act represents finality in bankruptcy legislation. The general feeling is that it is merely an experiment, and its results doubtful.
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Bibliographic details
Patea Mail, Volume IX, Issue 1090, 24 September 1883, Page 2
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185NEW BANKRUPTCY ACT. Patea Mail, Volume IX, Issue 1090, 24 September 1883, Page 2
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