A POINT IN BANKRUPTCY.

Manawatu Times, Volume X, Issue 1240, 10 July 1884, Page 2

A POINT IN BANKRUPTCY.

A* question of importance m con* nection with the bankrupt estate of George Turnbull came before a special meeting of the Bankruptcy Court at Dunedin recently. Messrs Cargill and Russell offered to purchase m trust for Turnbull certain assets for £5000, and the creditors passed a resolution agreeing to accept the offer. Judge Williams | said he would not express an opinion as to the propriety of the proposed J sale. The Assignee could, m the interests of the creditors, sell the goodwill and book debts, not to the bankrupt, but if anyone chose to purchase for him that was their affair. The intention of the Legisla* ture apparently was to prevent the bankrupt, as a rule, from becoming a purchaser, and he thought the Court ought not to sanction a sale to. the bankrupt unless - it appears that when he comes before the Court his order of discharge will, he a matter of form. The Court had power to allow a bankrupt to purchase, but the intention was to give such power only under exceptional - circum* stauces ; but he could see ho objection to allowing the Assignee to privately contract and assign them to the chaser. His Hoaoi made an brderl to ensure that the Assignee should 6e '' &i liberty to seethe books 'till' bis investi* gatiou' was complete. ' ;■■'"' -•*',«*