THE BANKRUPTCY ACT.

Stratford Evening Post, Volume XXIX, Issue 143, 9 August 1911, Page 7

THE BANKRUPTCY ACT.

AN IMPORTANT SECTION. At the. meeting of creditors yesterday. the Deputy Official Assignee drew attention to the large mini Per of recent bankruptcies in which there was disclosed no good reason for filing. He also spoke of the general belief that debts could be got rid of by filing a schedule and—because no assets were available—being granted a dischaige unopposed. However, lie said, tin’s procedure was not invariable in eveiy cafe, and lie quoted subsection (d) of section 127 of the Bank! nptey Act, as follows:—“On the hearing of an application for an ordei of discharge the Court may, in its own absolute discretion grant an older, subject to the banknipt consenting to judgment being entered against him by the Assignee for tlio whole or any portion of the balance of the debts provable under the bankruptcy taat is not satisfied at the date of his discharge; but in such case execution shall not be issued on the judgment without leave of the Court, which leave may be given on proof that the bankrupt lias since his discharge acquit eel property or income available for the payment of his debts.” The effect- of this section is to enable the Assignee to continue the bankrupt’s liability for all debts, if, as in the case in question, he is not satisfied that the bankrupt has done everything 'possible in the way of paying his debts—in short ,that if there is any suggestion that a bankrupt is taking advantage of his creditors through the Banki uptcy Act lie can ho put in the same position as il ho hat! not filed his schedule.