TOOLS OF TRADE QUERY

Hawera Star, Volume LIII, 10 June 1933, Page 5

TOOLS OF TRADE QUERY

FISHERMAN’S CLAIM FAILS. LAUNCH OVER £SO. VALUE. (By Telegraph—Press Association.) WELLINGTON, June 9 A question of bankruptcy law was answered by Mr. Justice MacGregor in the Supreme Court to-day in a reserved udgment. The question was whethei Guiseppi Lamacehia, fisherman, of Island Bay, bankrupt, was entitled under Section 121 of the Bankrupcty Act, 1908. to select and retain a fishing launch valued at about £4OO as h;a own property. His Honour made an order to thceffect that the launch formed part of the property of bankrupt passing to the official assignee for the benefit of the creditors. Practically bankrupt’s only asset was the fishing launch, which ho claimed was one of his “tools of trade,” and which he was entitled to “select and retain as his own property.” The official, assignee contended that the launch was not a. “tool of trade,” and that even if it were it could not be selected and retained by the bankrupt as the value in his own opinion was considerably over £SO. His Honour said that once it was admitted that the only “tool of trade” in the bankrupt’s estate was over “the value in he opinion of the assignee of £SO” it was manifest that the bankrupt could not “select and retain” it as Ijis own property under Section 121. He. liacl grave doubt whether a fishing launch of the type could be held to be a “tool of trade” of the bankrupt at all.