UNKNOWN

Wairarapa Age, Volume XXXII, Issue 10243, 20 May 1911, Page 5

UNKNOWN

AOFFICIAL ASSIGNEES.

a DAXNEVIRKE PROTEST,

The following communication from the I/anhevirke Chamber of -Commerce was read at the meeting of the Council of the Master ton Chamber yesterday:— "At the moivEhly meeting of this Chamber, the question of the present unsatisfactory nature of the Law of Bankruptcy was '"disctressefdv It was t pointed out that it was expected, that the Official Assignee, in addition to having, a thorough • knowledge of accountancy, ishould also be capable of sucoessfmlly Conducting and winding «p any class Of business placed .in his hands. This has not. worked out in practice, and the consequent result is a growing dissatisfaction with existing methods in. various parts of tiie -Dominion, and an increased desire on the part of creditors to favour the administration of estates by, 'private as'signees."

'Mr G. W. Sellar stated that creditors had the. power to select their assignee under the*existing law. He did inot think there itas much wrong ■with the law ;

Mr Keith said it seemed Ifcat the creditors wanted more power than they at present possessed.' He could not see that much harm could come of enlarging the, powers of creditors. The chairman stated that it appeared that some townships were dissatisfied; with the administration of the Official Assignee. On the motion of Mr R. Brown, it (was decided tfyat the matter he referred to the chairman, Mr Keith, and the secretary for a report.