Debtor's Welcome to their Brother
Debtor's Welcome to their Brother
The committee started by discussing the time for hearing oral evidence. The committee then discussed a number of small subjects very briefly, before turning to the subject of the disposition of property after the commencement of winding up. The committee discussed the latter subject in detail, outlining different views of different committee members.
The discussion then turned to the question of handling and investment of funds by liquidators, trustees and receivers. The Committee agreed that liquidators should be able to pay into, and withdraw from, approved accounts without intervention of the department.
On the question of security, it was thought that compulsory bonding would provide an adequate safeguard.
On the issues related to trade protection association, it was expressed that a liquidator must be a specified professional body because it could act as a safeguard, meaning that complaints could be directed at the professional body, and disciplinary actions get taken against the practitioner if necessary.
On page 8, you will find a note by Muir Hunter, the subject of which is partnership bankruptcy- a subject that has been briefly discussed in the 44th meeting. The note discussed the legal doctrines related to the question of whether each estate should pay its own creditors.
Then there are a number of pages from an unidentified book dealing with the question of the administration of a bankrupt partners’ estate.
On pages 12-15 there are sources on the issue of proof of debt.