MERCANTILE LAW.

Dominion, Volume 2, Issue 447, 4 March 1909, Page 4

MERCANTILE LAW.

, PROPOSED AMENDMENTS. STATEMENT BY THE ATTORNEYGENERAL. Tho Attorney-General (Hon. Dr. Findlaj')y with tho assistance of the Law Drafting Of fice, is busily engaged in preparing machinery amendments with a view to mailing some important Acts of Parliament moro workable. Ono of these, on which a great deal of work is apparently to bo done, is the Bankruptcy Act. "In order to prepare such amendments as will mako this important statute satisfactory to the ' whole mercantile community," said tlio Attorney-General, "I have written to all the Chambers of Commerce, Official Assignees, and Deputy Official Assignees in tho Dominion, to ask for suggestions. I have already received a number, and I expect to receive moro. I then propose to have amendments drawn up and to submit them to tho Government. I may say that thero is no principle involved; it is just a matter of machinery amendments. Tho Bankruptcy Act was passed in 1892—17 years ago—and though there liavo been somo minor amending measures, it has never been thoroughly revised. "Tho matters that I have been asked to consider includo readjustment of boundaries, tho question of what constitutes an act of bankruptcy, revision of tho penal clauses so as to mako it less difficult to securo convictions, review of tho scalo of costs, reduction of fees, grounds on which discharge may bo granted, more stringent conditions regarding unregistered bills of sale, registration of afl private assignments of estates to creditors' trustees, provision to provent tho publication, of tho names and losses of creditors, moro stringent rules as to fraudulent-preference, alteration regarding preforenoo givei' to a landlord in tlio matter of rent, reduction of tho period for which preference is fjiveti, abolition of tho system of public oxammation. "These arc but samples of tho suggestions made to mo for amendment of tho bankruptcy law," continued Dr. Findlay, "and 1 wish to mako it clear that I lmvo not, and do not now, commit myself to any of thorn. I have received a great deal of very valuable information, and 1 expect to receive a groat deal moro during tlio next month or two, Tho mercantilo community realises how verj much tho preservation of holiest trading anc tho repression of dishonest trading depomh upon a. strict, effective, and easily-workablo bankruptcy law. Tho general attitude of the morcantilo community and of tho public as a wholo towards such matters as preferences on tho part of creditors and preferences given by debtors, and towards the propriety of the conduct of trades in other respects changes as tho years pass, and corresponding changes in the bankruptcy law bceonio neressary. Tho task is ono of very great difficulty. • "Thero may also have to be an alteration in company law, so as to placo debentures given tor past consideration in tho samo position rosarding validity as a bill of salo over stock.