DEALING WITH INSOLVENCY.

Taranaki Daily News, Volume LI, Issue 212, 1 September 1908, Page 2

DEALING WITH INSOLVENCY.

A very practical suggestion i s made by the Auckland Chamber of Commerce oh the subject of re-modelling the Haalcruptcy Ml. It is intended to ask the Government whether a Commissi ju, consisting of the senior OHieial Assignee in Sew Zealand, with one or two leading merchants and a. similar numuer of experienced accountants, could 1101 be set up for the purpose of taking 1 evidence during the Parliamentary recess as to the present working of the Act, and to ascertain ra what respects the Act is considered to be, defective. Jn support of this view it is urged that since the passing of the Act in ISSI2 there has been a very large h'. crease in t'lie population, and a corresponding expanse of trade, and the Act now fails to meet the altered conditions of trade and business generally. The increasing number oi private assignments to creditors' trustees—a practice inimical to the best interests of the commercial community—was held to prove that the Act was not considered satisfactory. It ia suggesled that there should bo a readjustment of assignees' districts, so as to increase Mie number of districts, with a consequential increase in the number of assignees. Assignments of estates to creditors' trustees should be registered mid required to be regulated, and creditors ought also to be protected against the seizure and sale under an unregistered bill of sale of the property of a pcrpoTi subscquvriilj.'. becoming a bankrupt. It was unreasonable that creditors or bankrupts should be compelled to pay extradition ex:-' penSes. These are nil points worthy of consideration, and it is 'to be hoped Wie Government will afford the moans of doing so.