THE BANKRUPTCY LAW.

New Zealand Herald, Volume LV, Issue 16996, 1 November 1918, Page 4

THE BANKRUPTCY LAW.

AMENDMENTS ASKED FOR.

REGISTERED PRIVATE ASSIGNEES. [BY (TELEGRAPH. —SPECIAL CORRESPONDENT.] WELLINGTON, Thursday. The replacing of official assignees by registered private assignees was suggested by a deputation from the Associated Chambers of Commerce which waited on the Attorney-General, Sir Frances Bell, to-day, with a request for various amendments of the Bankruptcy Act. Mr. W. Gow (Dunedin) said that year after year the council of the chambers had asked for an alteration of the law, making it more efficient and more suitable to the mercantile public. It was felt that the present unsatisfactory system demanded immediate action. la some centres bankruptcy work had been done more satisfactorily to all concerned by private assignees, and duly accredited private trustees with central control should be appointed. The Minister was asked to deal with the whole question immediately. Mr. A. Leigh Hunt said that the present administration of bankruptcy estates was unsatisfactory, and the "declining number of cases put into the hands of the official assignees was not an indication of commercial prosperity, but showed that private trustees were more satisfactory. .The winding-up of estates also should be solely in the hands of roistered and responsible men. Sir Francis Bell said that the creditors ought to be satisfied with their own supervigor. Mr. Hunt asked that private assignments should bo registered, so that a man compromising with his creditors in one centre could not go to another centre without his assignment becoming known. It was also suggested that every trader fhould bo compelled to take stock and draw up a balance-sheet every year. At present a man was only compelled to keep prober books* but • nobody' knew whether he was keeping them properly or not until trouble came. _ The Minister said that the administration of the Act was under the Hon.. T. M. Wilford, who was unable to be present. The Audit Department was very shorthanded, the business of the Government having trebled during the war, but he wopld definitely promise to go into the matter during the recec3 and bring before the associated chambers before next session an amendment showing what the Government proposed The chambers could then submit, alternative proposals, if necessary. To deal with the question this session was impossiole.