The Wairarapa Daily. WEDNESDAY, NOVEMBER 1, 1885. THE BANKRUTCY LAWS.

Wairarapa Daily Times, Volume VII, Issue 2148, 18 November 1885, Page 2

The Wairarapa Daily. WEDNESDAY, NOVEMBER 1, 1885. THE BANKRUTCY LAWS.

[THEBanlmiptcy Ac', 1883, Amendment Act pitssed last session, and which comes into operation ,on the Ist of December next, effects several alterations in the Bankruptcy laws of tie Colony, with which the public should be acquainted. Section 40 of the Act ot 1883 provided, that the.Court should appoint Deputy Assignees. The clause has now been repealed, and

clause 2 of the new Aot provides that the Governor may appoint them, but it does not appear that it is intended to cancel any of the existing appointihents. Under clause 3, proof of debt may be famished up to within four montha of the bankruptcy, 111 place of three months, as at present, This change has beendeemednecessai'V, because many creditors found it impossible to furnish the required proof in the shorter period named. Clause 8 will be found a great convenience, as it provides that the Official Assignee may pay costs up | to £5. Up to the present he has been,! unable to pay even a, pecny in thia'l way, without the authority of a judge, For sums exceeding £5 the order of ,a judge will still be necessary, Section 9 makes a material alteration with regard to executions, It provides that where the goods of any debtor have been taken in execution in respect of a judgment for a sum not exceeding '.£ so, and sold, the sheriff, bailiff or other officer shall retain the proceeds of the sale in his hands for fourteen days, and upon notice being served upon him during that period of a petition in bankruptcy having been filed or presented against such debtor, he shall pay the money to the Official Assignee. The trouble of always swearing to affidavits before a solicitor or Justice of the Peace has been removed by clause 10, which provides that the necessary oath may be administered by the Official Assignee or Deputy Assignee administering the estate to which the affedavit relates, The public sittings of the Court for the examination of bankrupts have been abolished, except in such cases where the Official Assignee or Deputy Assignes sliall recommend that such an examination be held, or the creditors shall at any meeting of creditors .pass a resolution that it is desirable, and file a copy thereof, verified by affidavit, in the Court, withip. two months after the making <of the order of adjudication against, the debtor. Several other mendme'nts that have also been made are unimportant. On the whole, the 4ct has a tendency to simplify the adminsitration of the law, and it is therefore a step in thu right direction,