THE INSOLVENCY LAWS.

West Coast Times, Issue 331, 15 October 1866, Page 6

THE INSOLVENCY LAWS.

Upon the long-protracted question of the amendment of the law of debtor and creditor, upon which action has been again deferred by the General Assembly for another session, notwithstanding the strong interest manifested in the subject by the Judges of Ihe Supreme Court, the several Chambers of Commerce throughout the colony, and the mercantile community generally. /A Select Committee of the Melbourne Chamber has just presented an important report which is too long for insertion, but of which we give a brief summary.

The Committee recommend the abolkionbf the office of Mercantile Assessor ; the appointment of an official sequestr.ator, in whom the whole property of the insolvent shall vest, immediately upon the acceptuiice .of a petition, -until the election of Trustees ; the power of a debtor to petition without the concurrence of any creditor, and of a creditor for L2O and over to petitioji : that' the following shall- be added to the definitions of ofxicts of Bankruptcy, contained in the Act of 18j2, viz :—": — " Or shall call a meeting of his creditors for the purpose of posing any arrangement for compromising his debts by partial or deferred payments ; or shall submit to any two or more of his credilors any written or verbal statement of his affairs showing his inability to pay his debts ;" also, "or shall suffer his goods to be seized in execution ;" that 1 the acceptance of a petition shall have the effect of staying proc> edings at any stage, and that property taken in execution by a creditor and not sold shall be given up to the sequestrator and trustees ; that a professional trustee may be appointed on failure of appointment by the creditors, by any two of them, or by, the inspector; that proportionate parts of rents or other debts payable in instalments may be proved ; that proofs for unliquidated damages may be allowed ; that debts payable at ajuture time may be proved subject to a rebate of interest; that simpler methods may be adopted for expunging- proof of debts, and that contracts or securities made or given to induce creditors to forbear opposition be void ; that debts partly secured should be proved on a deduction of the value of securities, to be arrived at tt>y arbitration ; that any creditor holding a pledge or lien shall prove in the manner prescribed by section 39 of fche,Victorian Bankruptcy Act ; that no landlord be allowed to distrain for rent after the acceptance of a petition, but- be allowed to rank preferentially for six months, or any less amount that may be in arrear ; that 'an insolvent be entitled to the benefit of any lease or agreement for le.ise when he remains liable for rent ; that the wearing apparel, t-iols, &c, of an insolvent be allowed to him ; that immediately on the acceptance of a petition an order should be issued by the inspector, calling a meeting of creditors, to be held within seven days, at which the insolvent shall attend for examination, ' aud produce a' statement of his affairs, books, papers, -&c. ; that at such meeting of the creditors the election of trustees, ot- the appointment of a professional trustee, shall be made ; that trustees should be obliged to lodge a report of the position of any estate at the office of the Inspector, on or before the 7th of each month ; that a second, and — if considered necessary by the inspector or any trustee — further examinations shall take place during the progress of winding up the estate, and that creditors be allowed toattend all such meetings and to -examine the insolvent personally or by counsel •, that unless an estate shall pay os in the L, no discharge be granted to the bankrupt, aud unkss 10s in the L be paid, that his certificate be suspended for two years ; but that if in either case three-fourths in immbcr and value of bis creditors shall his discharge, a certificate be granted at once ; that if fraud or reckless trading be discovered, the insolvent should he committed for trial before the Supreme Court ; aud that not keeping proper books of account and balancing the same regularly, be prima facie evidence of reckleos trading ; that the fees payable fo Government in estates wound up under the inspector should not exceed o per cent, pn estates, the realised assets of which 'are under LI000; '2i- per cent. do. do. above LIOOO and under L 500 0; li. per cent. do. db. above LSOOO ; and that-.trustees should be authorised to charge a commission of 5 per cent, on the gross assets realised by fliem, and should also be allowed to p\y out of the estate for necessary legal, clerical., -or other assistance, such amounts as may be authorised by the inspector; that the names of all insolvents be advertised in the " Government Gazette," with the class of certificates they have received, arid the amount of dividends realised on their estate ; and that under deeds of arrangement or of private assignment no fees shall be payable to the Supreme Court fund, or to the inspectors' fund ; and that no supervisi hi of such estates shall be required of the inspectors.

Two op the Fatheks ox Fais^i Ha in. Tcrtulliun says :—": — " Tf you will not fling away your false hair as hateful to Hearen, cannot I make it hateful to yourselves by reminding you that the faiso hair you wear may have come not only from a criminal, but from a very dirty ihead ; perhaps from the hefiti of one iilrearly damned?" This was a very hard hit indeed, but it was not nearly so clever a stroke at wigs as that dealt by Clement of Alexandria. ''The latter informed the astounded jrig-weavers, when they knelt at Church to receive; the blessing, .that they must be good enough' to recollect that the benediction remained _pn the wig, and did not pass through to the wearer ! This was a stumbling block to the people, many of whom, however, rotained the peruke, and ' took their chance as to the percolating through. * it of the benediction— -,4^'JL