The Temuka Leader. THURSDAY, JULY 20, 1882.

Temuka Leader, Issue 980, 20 July 1882, Page 2

The Temuka Leader. THURSDAY, JULY 20, 1882.

Wis have received the report of the Joint Bankruptcy Law Committee laid before Parliament on which it is expected the drew Bankruptcy Act will be based. The Committee states that it is almost a matter of utter impossibility to form an Act which would meet all the frauds that are committed owing to indiscriminate credit giving. The Judges had found it difficult to answer some questions put to them, and some they did not answer at all, There were conflicting opinions as to the doing away with the bills of sale, and no satisfactory conclusion had been arrived at, One of the Judges suggested that the creditors should prosecute fraudulent debtors by leave of the Court, but this was considered prohibitive owing to the costly and dilatory process of the Courts, and it was recommended that the Court should deal summarily with fraudulent bankrupts. The Committee recommended that Section 8 of the Act of 1876 should be repealed, and power given to Judges sitting in bankruptcy to try all cases arising out of the bankruptcy. That official assignees should be appointed who would give £5090 security ; creditors to have power to appoint one or two of themselves to confer with the assignee, such creditors to be called supervisors. The assignee should file a statement of accounts and pay a dividend every three months, unless the period should be enlarged by consent of the meeting of the creditors, and any creditor to have power to apply to the Court to order the assignee to pay money into Court, or distribute the estate forthwith, and if such application were frivolous the creditor applying should pay costs. Judges should have power to discharge the bankrupt on condition that he should pay such sura in the £ as the Court should fix. The Court to have power to sentence any person guilty of fraudulent bankruptcy to twelve months’ imprisonment with or without hard labor. Possession under a writ and execution to be deemed an act of bankruptcy, and the estate to be immediately vested in the public assignee, and the expenses of the creditor issuing the writ to be a drat charge on the estate. On payment of the writ and costs the act of bankruptcy should be annulled. No solicitor to take money from the estate except the actual fees of Court, etc. Disputes as to solicitors' fees to be referred to the Judge, who shall have power to fix all solicitors’ charges.

Section 29 should make the Acts therein actual instead of ' conditional bankruptcy. The bankruptcy and title of assignee to bankrupt’s should date back to any prior Act- of bankruptcy within six months. The amount in section 30 to be altered to £25. Bills of sale to be^of:'no avail if made within three months of bankruptcy, excepting as regards cash advanced at time of execution. Thw clause would not affect the purchase money for any machinery over which the bill of sale had been given at the time of purchase and given to the vendor. The assignment by a debtor of his property to one or more creditors should be an act of bankruptcy The official assignee’s costs would be 5 per cent on £I,OOO, per cent ont he second £I,OOO and, above £2,000 1 per cent. The cost of bankruptcy in any case not to exceed £2O. No solicitor to hold a lien on deeds except to the amount it cost to prepare them.