BANKRUPTCY LAWS

Wanganui Chronicle, Volume LXXXIII, Issue 19720, 10 December 1926, Page 9

BANKRUPTCY LAWS

t AMENDMENT SOUGHT AN ABSCONDING FRUITERER A good deal of dissatisfaction exists in business circles, land has existed or many years at the inadequacy of the law rclaing to bankruptcy. At the recent conference of associated Chambers of Commerce in Wellington a remit was passed las follows: — “That representations be again male to the Minister of Justice to meet the demand of the commercial community

for a revision of our bankruptcy legislation, and that the Government be urged to follow the example of the Australian, Canadian and British Legislatures in enacting bankruptcy legislation in keeping with present-day requirements/' Fruit dealers have had several unhappy experiences lately, and in consequence the Auckland Fruit Importers’ Association is seeking co-operation with the Auckland Chamber of Commerce. The secretary of the association cites the case of a man who was in business as a fruiterer and his premises were destroyed by fire. He adviced some 1 f his creditors that when the insurance

company settled his claim he would pny them. He subsequently collected the insurance money and absconded. Tho association is advised that the man has not been guilty of any criminal act in collecting his own insurance money, and the police are therefore unable, under the existing law, to lake action. To have this man made a bankrupt would cost about £5O, with no hope of recovering anything from him. The association considers the hw should bo amended to protect traders in such r case.