THE BANKRUPTCY ACT.

Evening Star, Issue 7309, 6 September 1887, Page 2

THE BANKRUPTCY ACT.

The adjourned meeting of creditors of J, Browne and Co., bankrupts, was held at Auckland yesterday, when it was ; pointed out that the creditors who carried on the bakery business had previously maintained that they Were making profit on their bread, yet in the account they now submitted there Was A lilrge item for “ selling bread at a loss.” Sir il- Bfowne, aiiotijbf of the creditors, remarked that this loss was a mere bagatelle as compared with LBOO, the entire loss. He thought it wrong to keep on a losing business like that at the expense of the unfortunate creditors. The Assignee said he could represent all this to the Court, but the bankrupts could not be punished by the creditors for it. It was resolved—“ That the creditors are of opinion that the deficiency cannot be accounted for, but they decline to spend money endeavoring to obtain a conviction, because they are well aware from past experience that the existing bankruptcy laws are worse than useless to them. The Official Assignee was instructed to forward copies of the resolution to the Minister of Justice, to Mr Justice Ward, and to the several Chambers of Commerce.