FISHING LAUNCH

Grey River Argus, 10 June 1933, Page 3

FISHING LAUNCH

NOT “A TOOL OF TRADE.” (per Press Association) WELLINGTON. June 9. A question of bankruptcy law wa.> answered by Mr Justice McGregor, nt the Supreme Court to-day in his rpserved judgment on the question of whether Guiseppi Lamacchia. a fisherman of Island Bay, bankrupt, was entitled under Section 121 of the Bankruptcy Act. 1908. to select and retain a fishing launch valued about £4OO, as his own property. His Honor made an order to the ‘‘flect that the launch formed part of the property of bankrupt passing to the Official Assignee for the benefits of the creditors. Practically the bankrupt's only asset was the fishing launch which he claimed was one of his “tools of trade,’’ and which he was entitled to select ami retain as his own pro-

perty The Official Assignee contended that the launch was not a “tool of trade” and that oven if it were it could not be selected and retained by the bankrupt, <is the value in his opinion w r as considerably over £5O. His Honor said that once it was admitted that the only “tool of trade” in bankrupt’s estat< was over, “the value, in opinion of the Official Assignee of £so.’’ it was manifest there w<is no article which the. bankrupt con Id “select and retain’’ as his own property, under Section 121. Hu had grave doubt whether a fishing launch of the type could be held to be a “tool of trade’’ of bankrupt at all.