ACCOUNTANTS' STUDENTS' SOCIETY.

Press, Volume LXI, Issue 18428, 8 July 1925, Page 3

ACCOUNTANTS' STUDENTS' SOCIETY.

_ » . Tho fifth meeting of the Session of the Accountants' Students' Society was held on Monday night, Mr K. J. McLaren presiding. The subject was. a lecture by. Mr A. W. Watters entitled "Aspects of the Bankruptcy Act." He stated that one of the most im-portant-parts of the Act was that connected with tin? distribution of assets of the bankrupt. The fust payment would bo on ac-c-'iur.t cf all costs, charges, amid allowances incurred by the Official Assignee, in respect of the adjudication, and then the costs incurred in filing the petition by a creditor. Commission payable to the supervisor and Official Assignee, would then be disbursed. The preferential claims in respect of (1) rent {or a period of six months, providing the goods were on the premises; (2) for wagos or salary to a clerk for services rendered for four months prior to dato of filing, and not exceeding '£100.;. and (3) wages to an artisan or labourer, whether on tim« or pieco work, under the same conditions as a clerk, but not exceeding JSSO, were extensively, dealt with by tho lecturer. AH creditors would share pari passu, and then any interest due on debts under a- judgment summons order would be paid, and tho surplus, if any, hand-c-i back to the bankrupt.

Section 7!) of the Act was then very exhaustively dealt with by tho lecturer, especiafty as to the- granting of fraudulent preferences by the bankrupt. At tho conclusion of tli* lecture, numerous questions were asked by members, and on the motion ri Mr C. G. Pickett, seconded by Mr J. M. Preston, a hearty vote of thanks was accorded Mr "Watters for his very able and in.'.tructive address.