BANKRUPTCY LAW.

New Zealand Herald, Volume II, Issue 534, 29 July 1865, Page 4

BANKRUPTCY LAW.

Sixck we called attention lo the working of the Bankruptcy L:uv, and made various suggestions as to what the fundamental basis of any such law oug'it to bo. we have published a long elaborate, and excellent lettei from Mr. Waymouth, on the subject, and nuaia. yeslenliiy. the very able report ot the sub-commit lee of the Chamber of Commerce upon the question, by r i homns Macfarlane. Est). "W r e arc much pleased that we find the report in complete accord with the recommendations we made. Indeed, there can be no two opinions at all upon the subject, bv any one in any way acquainted with the working of the English "Act, and its cumbersome machinery, and the sound common sense plan which ws advocated. AVe reiterate. then in brief, what wo before said, that the whole form of procedure should be altered, and the Commissioners in Bankruptcv. the messengers, (gentlemen with £.:H)o'o r £f>oo a-year, despite their humble name) — registrars, auctioneers, official assignees, bailitt's, et hoc genus omnc, should be prevcuted from gaining a footing, and therefore a vested interest in New Zealand. Let the commercial men—the creditors themselves —have the management of tlie realisation of the bankrupt's estate and its division among them, and let the Courts of Justice simply attend to any legal business that may arise out of the case. Let the lees charged iu any way for work performed by any Court oi- Accountant be paid into the Treasury Chest, and let every person employed in any way in connection with the bankruptcy be entirely paid by fixed salary. We believe the recommendations of the Chamber are of the greatest valud and importance, and we trust every endeavour will be used to have their report made the basis of a new law, which will be as simple as it will be effective, and may secure tlie great end to be attained, the realisation ot as large a dividend as possible, and that, too, at the earliest time possible. 3t is essential, moreover, that ample provision shall be maue for the punishment of fraud and wrong doing.