THE BANKRUPTCY ACT.

New Zealand Herald, Volume XLV, Issue 13844, 2 September 1908, Page 7

THE BANKRUPTCY ACT.

AMENDMENTS DESIRED. [by telegraph. CORRESPONDENT.] 3 ' Wellington, Tuesday. A petition was presented to the House j. to-day by Mr. Baume, from the Auckland j. Chamber of Commerce and Auckland mert chants, asking for a commission of inquiry j as to -what amendments to the bankruptcy. laws of the Dominion are desirable. It ' is asked that the commission should consist of the senior official assignee of the Dominion, with one or two lending imerchants, and a similar number of ejcperiencr : cJ acountants, and that it should he emj powered to prepare, or cause to be prepari ed, a new Bill, in substitution for : the present Bankruptcy Act. j Tlie petitioners ask that the law should J j be. remodelled and amended "so that while ' " insolvents, as at present; receive every proration when their conduct lias been bona fide,, the general public and the commercial _'■ community, whom, the bankruptcy . laws particularly affect, should have their interests safeguarded, and be afforded more adequate protection against dishonest traders and insolvents." It is stated that since , the present Act was passed in 1892, there has been a large increase in population and trade in the Dominion, and that the Act now fails to. meet the altered conditions of trade. "That the administration of the Act is not considered satisfactory," j says the petition, "is also proved by the * large and increasing number of private as- ; aignments to creditors' trustees, a prac- ; tice that is inimical to the best interests s of the commercial community."' A reduction in the size of bankruptcy 'districts, increased remuneration for official assignees, and the appointment of one , or, more judges to attend solely to bankruptcy business, are amongst the. amendments desired by the petitioners.