MORTGAGE DEBTS

Evening Post, Volume CXXIV, Issue 69, 18 September 1937, Page 11

MORTGAGE DEBTS

ADJUSTMENTS SOUGHT

DETAILS OF BUSINESS

COMMISSION'S WORK

Returns of business transacted by the Court of Review and Adjustment Commissions operating under the Mortgagors and Lessees Rehabilitation measure passed last session of Parliament were released today by the Minister of Justice (the Hon. H. G. R. Mason), who emphasised the desirability of voluntary settlements being made between mortgagors and mortgagees. Mr. Mason said that the figures seemed to show that the parties in most cases had been deferring their efforts to secure voluntary settlements, no doubt because, in the beginning, it was not clear what views the commissions and the Court of Review would take as to a number of questions. It might be that a considerable number of voluntary arrangements had been made but had not been confirmed by the Court of Review. Consequently it might be that the number of voluntary settlements was not so small as these figures indicated. The cases in which applications had been withdrawn were doubtless voluntary settlements which had been effected to the mutual satisfaction of the parties. Now that the principles upon which the Court of Review and the Commissions acted were becoming better known no doubt the number of settlements would increase, he said. It could not be too much stressed that the parties would expedite their own business as well as that of the great body of mortgagors and mortgagees if upon negotiation with the opposite parties they actively asserted themF.elves to secure voluntary settlements 'at the earliest date. In the cases which came before the Commissions the issues were so important to the respective parties that naturally the Commissions used great care and thoroughness. This involved time. By endeavouring to obtain voluntary settlements all parties would be set free from a state of suspense much earlier than by waiting to receive notice from the Commissions that their cases were set down for hearing. RETURN OF BUSINESS. Details of the business to dale are as follows: — Total number of applications filed — Form -iL-'uqn Other .•■• 1!>.530 Total number of applications withdrawn — , 110 Farm ]-},- Other -■1"'-> Total number of voluntary adjustments approved by Commission — Farm I°' Other Ji* Total number of adjustment orders made by Commissions after hearinSl"ar m ,«• Other T 1-1!1 Number of orders In which prlnci- . pal Bums payable under mortgage or mortgages reduced—. . _ Farm ■ *** Other °84 Total amount written off mortgages— Varm •>«>o,3.>.J cm™ ::.. sne.ioi Number of orders in which arrears of interest on mortgage remitted— Farm jSO Other ..- 400 Total amount of arrears so remitted — ._ .„„ Farm • fi"s.<|S Other ■•-- 3^oJ,los Number of first mortgages the terms of which' havo been extended — Farm , rM . . Other ■••• - LI"2 Number of second or subsequent mortgages tho terms of which have been extended— . Farm . 2llJ Other 3jS which rate of interest has been reduced— Farm ' - «'» Other ■ 1.28 Number of orders in whir-h rate of rent payablo under leases reduced— Farm s3 Other ' -'3 Number of orders in which arrears . of rent under leases were reduced or remitted— Farm 78 'Other 13 Total 'amount of arrears of rent so remitted — Farm £IS,-«3 Other £1,300 Number of orders In which whole or . part of debts duo to unsecured creditors -written off— Farm 20R Other ' 04 Total amount so written off— Farn £55,351 Other £3,740 Number of applications referred to Commission— Farm 14.705 Other 17,257 Number of voluntary adjustments approved— Farm 186 Other 11l Xumber of orders made after hearing— : Farm ■. 1,500 Other 2,204 Number of applications withdrawn — Farm 1,0C7 Other 1,720 Number of applications not yet dealt with by the Corniuission— ' Farm 11,870 Other 13,107