THE BANKRUPTCY ACT.

New Zealand Herald, Volume III, Issue 897, 28 September 1866, Page 5

THE BANKRUPTCY ACT.

TnE Wellington Independent thus alludes to the action taken by the Assembly in this matter: — The report of the Auckland Chamber of Commerce on this subject (Debtors and Creditors Act), is republished in the Nbw Zealand Herald, in order that the wishes of the mercantile community of Auckland, on the subject of the Insolvency Laws, mHy be fully understood by the members of the General Assembly. The report strongly recommends that a BxU should be framed; founded on the I Scotch Bankruptcy Act of 1856. Oat of the -hole

mass of reports sent to Mr. Sewell, that of the Auckland Chamber of Commerce was the only one of any roal valuo. Auckland is happy in possessing a cletK-headed gentleman called Mr. Thomas Macfirlane. who, we believe, was the author of tho sound nnd concise report sent t > Mr. Sewell on tho subjei.-f, which rocJinmi-ndoj that thn existing Act bo repeale i, and the Scotch Act, so far as applicable tc the requirements of tho colony, made law hete Mr. Sewell, however, who know aa much ahout bankruptcy law as a Hindo > does about skating, got confused amongst the multiplicity of I plans suggested for adoption, an 1 at length I announced, in reply to a question in the House, that the Government did not intend to legislate at all on the subject. At this stage, the Into Mr. Thompson, of Canterbury, a gentleman who did roally understand the matter from his past experience as a leading Glasgow accountant, friimed an excellent Bill, founded on the Scotch Act of 1856, with tho intention of passing it through the Hous.'. Tho session, by this time, was drawing to a close, and there was id time left to devote proper attention to his measure, so in despair of getting it passed, ho withdrew it, and got a short Bill, modifying the previous Act in some slight particulars, main law. Thar a hasty amendment of a thoroughly bi.d lw should not give satisfaction to the public, is a result that might have been anticipiit d. From every quarter during tho last t-velve months, constant complaints have been made both of the original and amended Acts. Such being tho case, it might have b-en th ught that this session, a carefully framed measure would have been brought forward, but those who hoped for anything of the sort have now di-icovered their error. The sos-ion has been wasted in party conflict-, and now, at the last moment, Mr.H irgreaveß brings in a Bill to repeal the existing Acts, which lias already passod its first reading. Thus, during a. puriod of four y-ars, the Legislature, the Parliament, tho Cham ers of Commerce, two Attorney-Generals, and the whole legal profession of New Zealand, have only been a'le to frame two uttorly bad Bankruptcy Acts, which it is now intended to repeal. This is creditable work, and speaks well for the lawyers and 8 mators of New Zealand. Wo will Ventura to say that two Scottish accountants and a lawyer with a good bankruptcy practice, would frame an excellent measure, in a week, if we had thom oa tho spot and made them acquainted with tho requirements of the colony. If it is not too late, we would suggest that a new Bankruptcy Bill, founded on tho Scotch Act of 185G, be introduced during the present session.