FISHING LAUNCH

Evening Post, Volume CXV, Issue 129, 3 June 1933, Page 4

FISHING LAUNCH

IS IT A " TOOL OF TRADE " ?

Is a fishing launch a "tool of trade" within the meaning of section 121 of the Bankruptcy Act, 1908? The question came before Mr. Justice MacGregor in the Supreme Court yesterday in regard to the fishing launch Sicilia, part of the property of Giuseppi Laniacchia, fisherman, of Island Bay, who was adjudged a bankrupt on his own petition on Aprii 4 -last. The Court was asked ■to determine whether bankrupt will be able to select and retain the launch or whether it will pass to the Official Assignee and be divisible among the creditors. His Honour reserved his decision. It was submitted by Mr. W. H. Cunningham, who appeared for the Official Assignee, that bankrupt had only the right to select and retain certain portions of his assets, such as tools of trade, articles of clothing, of a value, in the opiuion of the Official Assignee, up to £50. The launch ~was valued at £400, and if there was practically oiily one asset, and that valued at £400, the question arose whether the bankrupt had any right of selection. ' . Mr. J. D. Willis, on :behalf of bankrupt, submitted that the launch was a tool of trade, and that if the right did not exist to retain or select it, even 'though it bo of a greater value than £50. then the object of the legislation" WBuld be defeated. ' ■..■.... , ■ .. . Mr. Cunningham questioned whether the launch might be regarded as a tool of trade. ■ Mr. S. G. Stephenson was present to watch- proceedings on behalf of a claimant to a fourth share in the launch.