THE BANKRUPTCY LAWS.

Wellington Independent, Volume XXVI, Issue 3205, 22 May 1871, Page 3

THE BANKRUPTCY LAWS.

TO TnE EDITOtt OF XEK INDEPENDENT. Sic,— l eeo in your issue of the 17th instant a communication from a poreon culling himself " A Creditor." I have a great dislike to enter into a newspaper controversy, but having been mentioned by name I have no choice. The paragraph I wish to notice is this : — " I find in Wellington many email estates have been placed in the hands of an accountant, a Mr Eainie, as trustee, but I can never hear when any of them liub been wound up, or of the unfortunate creditor having derived any benefit from the appointment of such a person." To further enlighten tho public on tho matter, I mny state thab sixty-lour estates havo been placed in my hando (with seven exceptions) by tho Supremo Court, thivtyfive of which are so very smill that in three instances there never were, nor ever will be, any assets. In each of those I was expected to do, and did, tho following work : Attend"

ing the meetings of creditors, writing the minutes of two meetings in each case, aflldavit of the Registrar's consent to act, and order of Court appointing trustee, besides searching for and inspecting bills of sale, getting information for reporting to the Court, making the report, attending the Court, making up ro« turns, and complying with tho other endless requirements of the acts, all of which involve a great deal of time and trouble, and when I claim to be paid for tbis work I am cooly informed by* the administrators of the act that I can be paid nothing. I should think that these estates are wound up already, from the nature of tho ease. In fche other cases the assets arb generally insufficient to pay the law expenses, and the trustee's commission in only four cases is above ten pounds, generally under £5. With regard to the " unfortunate creditors," in 57 out of tho 64 cases they have themselves to blanio, as they failed to attend tho meetings of creditors, duly advertised, to appoint a trustee, and the Court appointed one for fchotn. In 5 out of the other 7 cases (in which only there were supervisors) there could be no dividend, from the assets being swallowed by bills of sale and legal charges, which by law and rulo of court are preferable claims. There were dividends in the other two_ cases, but as they did nob amount to 20s in the pound, of course the creditors were not satisfied. I must say that the rules, regulations, and requirements of these Bankruptcy Acts are most vexatious and unworkable ; and so utterly unprofitable, troublesome, and dangerous is tho wholo business that I told the Registrar ten days ago that I must decline any more trusteeships of the kind that have hitherto besn put into my hands. Threatened by the creditors on tho one hand with an action for not seizing what does not belong to them j and on the other from tho true owner for robbing him of his property, how is a man to act ? See clause 145, " Order and disposition." What creditor has applied to me for a dividend really due to him that has not been paid ? Surely they cimnot expect me to pay dividends before I get the funds to pay them with ? As to the other contemptible insinuations oontaimd in your correspondent's letter, does he mean to apply them to me ? If he does, I shall forthwith instruct my solicitor to demand his name, and raise an action of damnges for defamation of character in the Supremo Court. Not being ashamed to put my name to all I writo, I am, &c, D. Ramie. [The above letter was received by us atid duly acknowledged. Mr Ramie, however, Beemß to think that ho suffers by its non publication. In publishing it we do not admit the right of anyone to instruct us as to what we "are bound to insert" nor as to tho issue in which any matter intended for publication in our columns, should appear. The uncourteous language in which the opening Bentonco is couched is certainly not a likely way of ensuring immediate publication of a letter in reply to ono for whose opinions we are not responsible.— Ed. W. I.]