BANKRUPTOY.

Wanganui Chronicle, Volume XXIV, Issue 9662, 27 October 1882, Page 3

BANKRUPTOY.

;.. . .♦' „ . : • Mr Samuel 'Morley;'M.Pi, in' a letter. to the Daily Ke'w's. states":—!. Trustees must 1 be compelled to give security. 2. The Court must have power to rejeot unfit persons appointed to act as . trus-. tees. 3. Trusses inu'st ' be , prevented employing solicitors to do work they ought to do themselves. 4. The accounts of all trustees should be placed under the supervision of thecomptroller, and all their charges : should be taxed. 5. The valuation. :of in the hands of partly- secured creditors should be placed upon- a • more equitable ■ basis. 6. The use of proxies should be re--strained, and ' tonly' - available for' the meeting named' in the ; pr6xy paper. 7. All trustees should be made to account for the unclaimed dividends and undistributed assets""iri their possession. lam informed that, with such"'a Bill as I have described; and the rules amended as above suggested^ at least nine-tenths of the existing abuses would be at once removed. It ' appears to have been understood, when the . present Bankruptcy Act was being discussed in the House of Lords, that defects found in, the working of the roeasuro could be rectified by general rules. Lord Cairns said: "I agree with my noble and learned friend that it is a pleasant thing to hear of a Bankruptcy Bill of only 180 clauses. But we shall deceive ourselves if we judged the measure merely by the number of its clauses. This is, no doubt, shorter than other Bankruptcy Bills ; but the reason of that is,' that it is not a Bankruptcy Bill in the sense of containing within itself the law of bankruptcy. It is rather one to empower the Lord Chancellor and the Chief Judge to make a " Bankruptcy Bill," and Lord Eomilly said: — "I rise merely to express my general concurrence ' in what has fallen from the noble and learned Lord on the woolsßck, and the noble and learned Lord opposite. I may, however, point out that the orders to be issued by the Lord Chancellor under this Bill, if not found to work satisfactorily, can be varied with greater facility than the provisions of an Abtof Parliament could be."