3

1.—5

11. Alteration in above section to six months. 12. Subsections (1), (2), and (3) stand. 13. Subsection (4) should be altered to carry the recommendation that possession being taken under writ and execution, shall be an act of bankruptcy; but, on payment of such execution and costs, the act of bankruptcy to be annulled. 14 The bankruptcy and title of assignee to bankrupt's estate shall relate back to any prior act of bankruptcy within six months. 15. Section 11 of English Act, 1869, to be adapted. The amount in section 30 to be altered to £25. 16. Section 64 to be altered by striking out the words " with a view of giving such creditor a preference over the other creditors." After the word "shall," add " unless protected as hereinafter provided." 17. In this section it is suggested that after the word "suffered," in the third line, the following words shall be added : " whether the act be voluntary or under pressure from a creditor." 18. Section 65. In cases of bills of sale : They should be unavailable if made within three months of bankruptcy, as against the creditors, excepting as to actual cash advanced at the time of execution of bill of sale and secured thereby; and any other moneys secured shall be provable under the bankruptcy. This clause not to affect the purchase-money, or any balance thereof, for any machinery over which the bill of sale may have been taken at the time of purchase and given to the vendor. 19. Part 2 of section 67 will have to be omitted. It should be made clear by the Act that the assignment by a debtor of all his property for the benefit of one or more of his creditors shall be an act of bankruptcy, whether made fraudulently or otherwise. 20. Section 119. Change from bankruptcy to arrangement: Sections 119 to 127 should stand; the previous consent of the Judge to be obtained before change from bankruptcy to arrangement. 21. Sections 128 and 159. Arrangement by deed : The Committee recommend that this part of the Act be repealed entirely, assuming that the official-assignee system is adopted. 22. A scale of costs is recommended; and that the Judge shall fix the costs at the time of hearing in all matters, when not fixed by the Act. 23. Official assignees' costs and fees to be fixed—on estate realized up to £1,000, at 5 per cent.; on second £1,000, 2\ per cent. ; on all above £2,000, 1 per cent., unless a Judge shall otherwise order. 24. Creditors' supervisors may be paid as per arrangement with creditors, but the payment must not exceed 2^ per cent in all. 25. Costs of bankrupt in no case to exceed £10 in addition to Court fees, but no costs to be paid without order of a Judge. 26. Costs of solicitor to official assignee, up to debtor's discharge, are not to exceed £20. Judge to have power to order payment of additional costs if considered absolutely necessary. The Committee make the following suggestions : — 27. Solicitors should not exercise any lieu on deeds in their possession belonging to a bankrupt for any amount beyond the costs involved in the preparation of such deeds. R. Oliver, Chairman. H. Wtnn-Williams, Chairman of the Committee of House of Representatives.

APPENDIX.

REPORT OP A CONFERENCE FROM CHAMBERS OF COMMERCE ON THE BANKRUPTCY LAWS. Sir, — Chamber of Commerce, Wellington, 27th June, 1882. I have the honor to hand you the enclosed report on the Bankruptcy Laws, drawn up by a Conference of Delegates from the Chambers of Commerce throughout the colony, held here yesterday. I am requested by the Conference to ask if you would be good enough to peruse this report, and I am also desired to express the earnest hope that Government will not delay longer the introduction of such measures as are detailed by the Conference, so that the urgently-required amendment may be effected in the existing imperfect Acts. I have, &c, J. E. Nathan, The Hon. Thomas Dick, Minister of Justice, Chairman of the Conference. Wellington.

(Enclosure.) Bankruptcy Law. Conference of Delegates from the Chambers of Commerce throughout the Colony, held at Wellington, 26th June, 1882. Present: Captain Sutter, M.H.R. (Timaru), Mr. Peacock, M.H.E. (Auckland), Mr. Sutton, M.H.E. (Napier), Hon. Mr. Eeynolds (Dunedin), Mr. Nathan (Wellington), and Mr. Chrystall (Christchurch). Mr. Nathan was voted to the chair. The Conference having been formed for the purpose of recommending to Government measures for the amendment of the existing bankruptcy Acts, begs to report as follows:—