The Bankruptcy Laws.
A bill has been introduced by the Attorneygeneral for the purpose of giving effect to the recommendations of the Select Committee with reference to the bankruptcy laws. The following are the principal provisions :—A majority of creditors for the purposes of the Act shall be an actual majority in number of the entire body of creditors, representing three-fourthß in value of tho whole liabilities of the debtor. A resolution by the creditors assenting to a deed of arrangement by or for the discharge of an arranging debtor will not be valid unless the same be passed by a majority of the creditors present in person or by proxy at a general meeting of creditors convened for the special purpose of passing the resolution. The filing of a deed of arrangement by a debtor shall be deemed to be an act of bankruptcy, and from the date of filing, if such deed be not assented to by the creditors at their meeting for the purpose, or at any adjournment thereof. No order of discharge of a debtor shall henceforth be made except in open court by a Judge of the Supreme Court or District Court.
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https://paperspast.natlib.govt.nz/newspapers/OW18800821.2.62.3
Bibliographic details
Otago Witness, Issue 1501, 21 August 1880, Page 22
Word Count
197The Bankruptcy Laws. Otago Witness, Issue 1501, 21 August 1880, Page 22
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