PROTECTION OF DEBTORS
SPECIAL REGULATIONS REVOKED
WAR-TIME MORATORIUM LIFTED
Among the many emergency war regulations revoked by the Government towards the end of the last Parliamentary session were those dealing with the protection of debtors during the period of emergency. In effect, they amounted to a general moratorium, with the proviso that the Courts could give leave to proceed in specific cases, and they affected many mortgagors and mortgagees and creditors and debtors throughout the country, including members of the armed forces.
The Debtors Emergency Regulations of 1940 were made under sub-section 3 of the Emergency Regulations Act, 1939, a paragraph in which provided for “the protection of debtors and the regulation and restriction of legal proceedings, powers and remedies.” The sub-section under which these powers Were granted was specifically repealed by the Emergency Regulations Continuance Bill, sponsored by the Attor-hey-General (Mr H. G. R. Mason) which appeared in the closing days of the session. Like many other measures appearing when time was short it was only briefly debated, and little explained.
So many regulations were repealed and so wide were they in scope that many members of the public, including many affected by them, have not been aware that they no longer exist. The regulations forbade creditors to take action in 11 defined legal processes, if the debtors sought the protection of the act. These processes included the issue of writs or warrants for the possession, seizure, or sale of any property in pursuance of any judgment or order obtained against the debtor.
The debtor concerned in any of the transactions affected under the act had first to fill in a special schedule under the regulations praying that the application by the creditor be not granted unless by special leave of the Court. Nor could action be taken in any case if the debtor was a member of the armed forces or a dependant of a member of the armed forces.
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Bibliographic details
Press, Volume LXXXIV, Issue 25390, 13 January 1948, Page 6
Word Count
322PROTECTION OF DEBTORS Press, Volume LXXXIV, Issue 25390, 13 January 1948, Page 6
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