THE BANKRUPTCY LAWS.

South Canterbury Times, Issue 2267, 23 June 1880, Page 2

THE BANKRUPTCY LAWS.

The following is the amended report of the Sub-Committee of the Chamber of Commerce, re amendment of the present bankruptcy laws adopted by the Chamber at their meeting on Monday last :

“ Query Xo. I—On whose application a debtor should be made bankrupt.

‘‘Answer —Other than the debtor. A creditor to the amount of £2O in lieu of £SO. Section 20, clause 4. “ Query Xo. 2—By whom the bankrupt's estate should he administered.

“ Answer—The estate should he administered by a trustee appointed by the creditors, or failing such appointment, by the Court. Immediately on filing of bankrupt the Court should take possession and make an inventory of bankrupt’s property and effects, of whatever kind, and retain possession till trustee is appointed. The removal or sale of any part of such property and effects to he considered criminal. Trustee to he appointed within seven days. “Query Xo. 3—The circumstances which should disentitle a bankrupt to his discharge. “ Answer —The non-payment of ten shillings in the pound. “Query Xo. 4—Whether any, and if so, what alterations should he made in the law relating to hills of sale.

“Answer—That no bill of sale or mortgage of stock, or agricultural lien, shall bo legal until it has been gazetted and advertised in two local papers thirty clear days from date of execution.

“ Query No. s—Whether the right, of distress warrants for rents should not be modified. “Answer—Yes. That six months’ claim can bo made in lieu of twelve months.

“Query No. G—By whom bankrupts shall bo prosecuted, and whether any fund ought to he created out of which costs should he paid.

“Answer—Trustee or Court shall prosecute. Costs incurred shall he paid by 'the estate. Any law expenses incurred by bankrupt up to time of or during filing not to be paid out of estate. “Query No. 7—What claims should he treated as preferential ? “ Answer—One month’s wages only. “ Query No. B—Whether the present mode of arrangement by deed should he continued, or whether every debtor should not obtain his discharge after open hearing in Court.

“ Answer —Neither. The following suggestion was also

adopted : “At every meeting of creditors for the purpose of electing a trustee, or voting on any ([iicstiou affecting a bankrupt’s estate, the voting clause in the Act ofl BG7 be adopted,giving voting power in proportion to his debt. “ (Signed) “ W. lOrnnmrmn “ Wji, Evans “ 11. A. Ciiisiioui “ J. 11. Surra:, “Timaru, June 21,1880.