7
98
of
The Registrar waser is an excessive sum.
The Bankruptcy Ordinance of 1864 has considerably added to the work not only by fuitting new duties upon the Registrar, but also by appointing him Official Assignee.
This Ordinance has in several articles carefully laid down the duties, and defined the powers of the Official Assignee, and contemplated as a general rule, the appointment of a creditor's Assignee.
From May 1845 to 31st December 1882 out of 246 bankrupcies ... creditors Assignees appointed in 93, and from 1st January to 31st December 1883 in 50 out of ...
From my experience and from what has passed at the First Meetings of Creditors which have taken place last year, I can state that Chinese creditors will not as a rule consent to appoint a Creditors Assignee, and will all certainly refuse to act as such. They greatly prefer leaving the matter in the hands of the Court.
It is needless for me to mention the many matters the Registrar has to attend to as Official Assignee. I wish particularly to state that this systematic abstention of creditors electing assignees adds very greatly to my personal labour and responsibilities, and in a way which was never contemplated by the Bankruptcy Ordinance. Most of these duties must be attended to by the Registrar personally. The amount of fees received is not a fair criterion...