The Bankruptcy Laws.

Gisborne Standard and Cook County Gazette, Volume II, Issue 252, 26 January 1889, Page 4

The Bankruptcy Laws.

A deputation waited on the Premier in Wellington last week, and Mr Cock explained that the deputation had arranged this interview to ask if the recommendations of the various Chambers of Commerce throughout the colonies on the Bankruptcy laws, previously submitted, had been considered, and whether they would bo given effect to next session. The Hon. Mr Fergus said that the suggestions had been considered when they were first submitted, but it was then too late in the then current session for anything to be done in the matter. While it was true that ths various Chambers were agreed on the suggestions, there was great difficulty in getting any bankruptcy legislation through the House. Personally be did not think the House would agree to all these recommendations, some of which were very drastic in their nature. The Government, however, would consider the matter and see if they could embody the suggestions in an Act and get it through Parliament next session. The subject was one demanding much -consideration and could not be dealt with hastily. Mr Cock admitted the difficulties, but urged that the point was the consolidation of the existing legislation into a practical form, the suggested amendments not departing from the present Act in any material degree. Mr Duthie urged that the necessity of accepting private compositions by debtors, for fear that the expenses of the Bankruptcy Court proceedings would leave less for the creditors, was a matter that needed amendment.

Mr Cock said, then came the question whether (for commercial morality’s sake, people should be forced to go through the Court.

The Hon. the Premier asked if there was anything derogatory in a person’s going through the Court, and Mr Cock replied that there was, or, at least there should be.

The Premier said he was glad to hear it. From the number of times some people had had recourse to the Bankruptcy Court, he did not think such was the case.

Mr Cock then urged the importance of the sugestion, that every bankrupt should be made to come up for his dischdrge within six months of adjudication, or in default be guilty of contempt of court; also that the Act should enforce the keeping of cash book, day book, and ledger: also that the Assignee should, by resolution of the creditors, have power to sell the book debts instead of living to wait for the sanction of the Court.

The Minister for Justice repeated his assurance that the matter would receive the attention of the Cabinet, directly certain information asked for by Mr Izard, M.H.8., last session, bad been collected, and the deputation then withdrew.