The Westport Times. SATURDAY, SEPTEMBER 17, 1870.

Westport Times, Volume IV, Issue 712, 17 September 1870, Page 2

The Westport Times. SATURDAY, SEPTEMBER 17, 1870.

A series of rules, regulating the forms of procedure in bankruptcy proceedings, and introducing an explicitly detailed aud uniform practice, has been passed by the Judges of the Supreme Court, and will come into force on the Ist October next. The return of the Inspector in Bankruptcy showed that the number of insolvencies yearly in this Colony was disproportionately large when compared with other countries ; and it was also shown that the great, bulk of the cases were of a kind iu which the circumstances led to the belief that large numbers of people availed themselves of the benefit of the Act when, it is reasonably supposed, little or no necessity existed for their doing so. No doubt with a view of, in some instances, deterring traders from a too hasty recourse to the Bankruptcy Court, a large increase has been made iu the amount of fees payable for riling the declaration of insolvency, the petition for adjudication, or a deed of arrangement. A brief reference to the more important rules shortly coming in force will be useful. Clause 1 provides that any gazette notice, by a bankrupt, or his ai»ent, shall be headed with the lloval Arms and the words " In Bankruptcy" in large letters. By Clause 6, the l?e,ci*trar, or Taxing Officer, is to bo guided by the scale of fees, charges, and allowance to witnesses, &c, existing in England, where such are suitable to the circumstances of this Colony, and ■where unsuitable, according to the scale in the Supreme Court; the following fees being always charged: Filing declaration of insolvency, £2;

petition for adjudication, £2 ; deed of arrangement, £4.

Clause 8 provides for tho appeal in baukruptcy from the decision of a Judge of the District Court. The appeal must be made within twenty days from the date of the decision, and the grounds of objection must be stated in writing and signed by tho appellai t or his agent. Within three days thereafter notice must bo served upon the Trustee or such persons as the District Judge may direct, the appellant being called upon to lodge security with the clerk to the Court for the cost of the appeal, together with any amount he may, by such decision, have been ordered to pay. Such notice shall take the form of a case agreed on by both parties or their solicitors; and shall bo presented to the judge of tho District Court for signature and approval. When signed and sealed, a copy shall be transmitted to the Registrar, notice of such transmission being served on the Trustee and respondent.

The Provisional Trustee shall forthwith deliver to the Registrar a schedule of any property of a debtor filing his declaration of insolvency. The debtor shall deliver to the Trustee a copy immediately after filing a list of his liabilities aud assets. The Trustee shall, at therequesv of the bankrupt, or of any proved creditor, call a meeting of creditors. Every Provisional and other Trustee shall keep a minute book of his proceedings in each bankruptcy, under a special head applicable thereto, and also a book for entering all receipts aud disbursements, and such books shall be open to the inspection of any proved creditor on payment of a fee of one shilling.

The appeal of a creditor, whose claim is refused by the Trustee, must be made within eight days after notice, or longer if time ia required for exchange of posts. The procedure of a bankrupt in filing his statement of accounts is accurately defined in clause 19. This clause is a very important one, and reads as follows :

Thcstutement of accounts to be filed by the bankrupt in pursuance of tbe 112 th section of the Act shall in all eases comprise, first, a statement of the assets and' liabilities of the bankrupt as existing on a day to be named for that purpose by the order appointing the time for tho bankrupt's last examination, or by some order of the Court or a Judge, such day to he not less than six calendar months prior to the filing of the petition for adjudication; secondly, a statement of every receipt, purchase, profit, and acquisition by any means whatsoever, and every payment, sale, loss, loan, conveyance, mortgage, settlement, execution, and other alienation by act of the party or by act or operation of law, and of every other transaction in anywise affecting the amount or nature of the bankrupt's assets av.d liabilities, which shall have been made or have taken place during the period intervening between tho day so named as aforesaid, and the filing of the said petition : Provided that every order of the Court or a Judge respecting such account may from time to time bo varied.

The account, unless ordered otherwise, shall be filed at least ten clear days before the final examination ; and no creditor may oppose the discharge, unless ho shall have proved his debt at least one clear day before that fixed for the final examination. Other rules relate to the periodical auditing of accounts by the Supervisor in the estate, and the Trustee's remuneration.