THE NEW BANKRUPTCY ACT.
Among the earliest put in hand, was the new Bankruptcy Act, of which I have just succeeded in obtaining an advance copy. In the present shape, as it finally left Parliament, it extends to 49 paged, and numbers 235 clauses, Wicbout pretending to give an exhaustive analysis of this bulky Act, I may just say that the greater portion is a mere reproduction of fquner laws on the subject. Its chief features of novelty are : (I) Relegating the administration of bankrupt estates to ofhVi&l assignee instead of leaving it in the hands of trustee elected by creditors ; (2) providing for summary punishment of fraudulent debtors by the process of the Bankruptcy Court instead of committing for trial before a jury a§ under the present system, which made conviction for this offence almost impossible to secure; (3) making bankmplcy essential to compensation with, creditorsj. so that no man compound with his creditors without first making himself a. bankrupt under the Act. I find the chief authorities by no means expect that, this Act represents finality in bankruptcy legislation. The general feeling is that it is merely an experiment, and its results are doubtful
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New Zealand Herald, Volume XX, Issue 6813, 18 September 1883, Page 5
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196THE NEW BANKRUPTCY ACT. New Zealand Herald, Volume XX, Issue 6813, 18 September 1883, Page 5
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