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A Decision in Bankruptcy.

A recent decision of the London Registrar of Bankruptcy is wbrth a passing reference, as opening up new ground. A Mr Laurence, described as an Australian merchant, was tempted by the copper movement into speculation outside of bis legitimate business, and, as a consequence of a first disastrous loss of L 1,900, plunged more widely with the hope of recovering the loss. The Baris collapse of last March made his position irretrievable, and he had to come to the Bankruptcy Court. He offered 10s in the £, and with every prospect of paying it out of the realisation of the estate free from bankruptcy liquidation. This the Registrar admitted was likely, while compulsory realisation only meant a payment of 5s in the £ to the creditors; but he refused to sanction the composition on publio grounds, viz., that the Registrar is more interested in the maintenance of a fair standard of commercial morality than the more or less of insolvency of this or that particular firm. The London ‘Times,’ in referring to the case, states“ The duty of an official receiver is to inform the Court as well as to guard funds for the advantage of creditors. In its execution he could not, while admitting the scheme to be for the benefit of the creditors generally, refrain from observing that it had been rendered

necessary by rash and hazardous speculations. With that report before it, the Court, as the Registrar explained, was obliged in some way to express its grave disapprobation of the debtor’s conduct. Unlucky as it might be, he allowed, for tho creditors that the arrangement should bo rejected, the Court was unable, by affirming it, to relieve a trader * who had gone out of his way to speculate and gamble’ from any censure upon such an offence.”

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Bibliographic details

A Decision in Bankruptcy., Issue 8008, 10 September 1889

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A Decision in Bankruptcy. Issue 8008, 10 September 1889

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