BANKRUPTCY LAW.

Otago Witness, Issue 3102, 27 August 1913, Page 4

BANKRUPTCY LAW.

DISCUSSED BY ACCOUNTANTS,

PUBLIC AND PRIVATE ASSIGNEES

The receipt in Dunedin of copies of the amendments proposed to be made to the Bankruptcy Act led the Dunedin branch of the Accountants’ Society, together with the Accountant Students’ Association, to hold a meeting to consider the position. To this meeting, which was held in the board room of the New Zealand Express Company on the 19th, representatives of the Chamber of Commerce, the Law Society, the Merchants’ Association, and the Warehousemen's Association were also expressly invited.

Mr Peter Barr (president of the Accountants’ Society) presided over an attendance of about 40. Ho explained the position, and then read the following suggested amendments to “The Bankruptcy Act. 1908 ” :—That the title of the Act bo altered to read “The Insolvency Act.” That in tile reading of the existing Act a'terations shall be made in all instances where the word “ bankrupt ” or “ bankruptcy ” occur to “ insolvent ” and “ insolvency.” That the present offices of official assignee and deputy official assignee be abolished. That an officer bo appointed as inspector or controller and recorder in insolvency for the dominkyi. That registrars in insolvency bo appointed for each Supreme Court district, in whom shall be vested the eamc powers as are now vested in official assignees, and that such registrars shall be public accountants in practice, members of the New Zealand Society of Accountants. That all insolvency work shall be undertaken by public accountants only (members of the New Zealand Society of Accountants), who shall bo appointed assignees in insolvency by means of registration. That creditors shall select their own assignee, or, failing appointment by creditors, the registrar shall appoint .an assignee. That petitions in insolvency be filed either with the registrar or the clerk to the court of the district in which the debtor resides. That all private assignments be abolished. To (hose Mr H. A. Gold, convenor of the Legislation Committee, added the following comment: —“ The foregoing are the principal lines upon which it is suggested the Bankruptcy Act should bo amended. The construction of the Bankruptcy Act is really good, but the great fault which is to be found is that its administration has been deplorable. If the foregoing suggestions are accepted as being the principles upon which the Bankruptcy Act should be amended, then the details of various subsidiary matters would not take a great time to settle. Your comments on the above would bo much esteemed.” Messrs O. J. Johnson, C. IT. Rtafcham, J. G. Patterson. Couchman, James Brown. Green, and J. Loudon criticised the suggested amendments.

The following motion, moved by Mr Tosswell, was carried unanimously That this meeting recommends that the New Zealand Society of Accountants before adopting the recommendations of the Legislation Committee suggest that the aim of the society should be to obtain the co-operation of the various chambers of commerce to have the Bankruptcy Act amended where such is deemed to bo necessary.” A further motion expressing the thanks of the meeting to Messrs Johnson and Statham, and embodying Mr Brown’s suggestion to obtain a report on proposed amendments from them, brought the business of the meeting to a close.