THE DEBTORS AND CREDITORS ACT.

South Canterbury Times, Issue 2317, 20 August 1880, Page 2

THE DEBTORS AND CREDITORS ACT.

amend the Debtors and Creditors Act as reported, with amendincuts from the Legislative Council, is as follows : —“ The majority of creditors shall be an actual majority in number of the entire body of creditors representing threc-fourllis in value of the whole of tlm-.

liabilities of debtor. A creditor who has not proved bis claim, although h,; shall be precluded from voting upon any resolution of creditors, shall never tbcless be counted as one of I heir number for the purpose of ascertainin'; the majority. A proxy for a creditor before he shall be enabled to vote upon any resolution of creditors shall be authenticated to the satisfaction of the creditors. A resolution by the creditors assenting to a deed of arrangement by or for the discharge of an arranging d ebf or shall not bo valid, unless the same be respectively passed by a majority of the creditors present in person or by proxy, at a general meeting of creditors convened for the special purpose of passing the resolution. The filing of any deed of arrangement by a debtor shall be deemed to bo an act of bankruptcy as and from the date of filing, if such deed he not assented to by the creditors at their meetings for the purpose or at any adjournment. No order of discharge of a debtor shall henceforth bo made except in open Court by a Judge of the Supreme Court or of a District Court. All provisions contrary or repugnant to the foregoing provisions are repealed.