Report on Bankruptcy.
[Bir Telegbaph.] (FBOM OUE OWS COEBESPONDENT.) Wellington, Last night. I am informed the report of the Joint Committee on Bankruptcy will recommend the consolidation of the Acts now in force, and that the Judge of the Court should hate the same powers as Supreme Court in all matters arising out of bankruptcy, whether as to fraudulent deeds, transfer of property, or other matters. Then official assignees will be appointed as officers of the Court, giving security of £5000 each, creditors having power to appoint one or two of their number to advise with the official assignees in the realisation of the estate. Official assignees to file a statement of the bankrupt, and estate, and pay dividends every three months at least, unless otherwise agreed upon by the creditors. The Judge to have power to order the discharge of a bankrupt on condition of paying such sum in the pound as the Court may fix. Possession taken under writ and execution to be an act of bankruptcy and the debtor's estate shall forthwith rest in the official assignee. The expenses of a creditor issuing execution to be a first charge on the estate. Costs of counsel to be fixed by scale aud money received by the assignee to be paid into the bank as a separate account for each estate. Acts mentioned in section 29 of the present Act to be "Actual" not Conditional Acts of bankruptcy. When possession is taken under writ and execution, payment of of execution and costs to annul bankruptcy. The title of the assignee to bankrupts' estate to relate back to any prior act of bankruptcy within six months. Billg of sale to be not binding if made within three months of bankruptcy as against creditors excepting as to cash advanced at the time of execution of bill of sale, and thereby a secured assignment of all, property by debtor for the benefit of one or more creditors would be an act of bankruptcy. Costs of assignees up to £100 at 5 per cent; on second £100, 2|;
upwards 1 per cent; costs of bankrupt not to exceed £10 in addition to court fees.
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Thames Star, Volume XIII, Issue 4216, 6 July 1882, Page 2
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361Report on Bankruptcy. Thames Star, Volume XIII, Issue 4216, 6 July 1882, Page 2
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