THE BANKRUPTCY ACT.

Mataura Ensign, 16 June 1914, Page 4

THE BANKRUPTCY ACT.

fPROPOSED AMENDMENTS. I'ED UNITED PRESS ASSOCIATION. WELLINGTON, June 15. Some time ago >a committee <yf the council oi the Wellington Central Chamber of Commerce was set up to consider the question of amending the Bankruptcy Act. The report of the committee was presented at yesterday's meeting of the Council, and contained the following recommendations: "That it be a recommendation to thei Council that a conference in connection with the Bankruptcy Act he arranged with the Wellington Chamber of 'Commerce, the New Zealand Society of Accountants, and the Incorporated Institute of Accounts of New Zealand, with a view to taking joint action throughout New Zealand to urge the Government to amend) the Bankruptcy Act on lines recommended by the 1909 Conference of New Zealand Chambers of Commerce." The recommendations referred to, and passed 1 by the 1909 conference, are: 1. That an amendment, of thei existing bankruptcy law is necessary. 2. That a system providing for a central control of all insolvency businesses is of fundamental importance. 3. That the present limited number of official assignees and their deputies should l be replaced by approved and registered trade assignees, who shall have statutory powers and be subject to the central control mentioned above. 4. That, in the interests of commercial morality aud for the purpose of record , it is desirable that all assignments for the benefit of creditors and insolvencies should be registered, and that a complete record be kept at the central point) of oontrol; that, where a debtor resides in one part of the Dominion and absconds, the creditor may file a petition in that portion of the Dominion where the creditor resides; that pufblic examinations I>e done away with, and statements made at examinations before the assignee used for all purposes. 5. That it is desirable that the penal clauses of the Act should specially name such !books of account as shall be con- : side red an irreduciblo minimum for J any person to keep, that the penal seo- | tion of the Act should include offences i irrespective of whether the debtor was j made bankrupt or not. 6. That the landlords preferential claim for rent be abolished or reduced to a lesser period. 7. That insolvent estates of deceased' persons be administered by officers administering the bankruptcy laws, and not bv the Public Trustee. 8. That costs of bringing an .abscomling debtor back to New Zealand be home 11-y the Crown, the estate to bear 'an added amount in such cases. Mr Leigh Hunt said that if the Gov- ! eminent gave effect to these recommendations the official assignee's : department would be .abolished. In a city like Wellington about two dozen trade assignee? would be appointed, ' each in a particular lino of business, j Tho official assignee was now "jack of all trades and master of none." At present tratio assignees were under no ■ obligation to submit a balance sheet, j The recommendations were adopted.