Iri
Si
Lexoni gan DIG"
ann aberrant and
.brka
と
Vedanmark't
1
Pollan må
havisnet ahoai
Lamang sul MIDA
י
61
Pia, mua bru cra
*udbena Id
1.
at..
טרי
་་་
come to an agreement, if possible, as to the
the statement of the facts agreed upon by these two Fin solicitors was received by the Government only on the 13th. January.
of
jand
526
7.
The third main point is that the "principles of bankruptcy" should be applied to the case of firms which are clearly locally insolvent and to those whose local soltancy is problematical. It is not very clearly indiosted what principles are memt, but apparently two proposals are involved. One is that secured creditors should be compelled to define their cluino. The Government are quite prepared to consider any practicable and rassonable sugestion with this end in view and have already tuken steps in the matter but it is not a light matter to ubridge existing legal rights. It is perhaps not irrelevant that, even in bankruptcy, a creditor, who on account of practical difficult- -ies does not realise or value his security before a dividend is declared, may apply for leave to enter a laiu and have a suffi- -ai cat sum reserved to meet the clain. In that case the law re- -cognises the desirability of giving a secured creditor time to ascertain the value of his security, and in the peculiar cir- -camatanoes of the present case it is perhaps not unresonable to allow the secured creditors time to ascertain the amount of their claims. That they will amount to depende in some cuses on dinima against brandiss outside the Colony which it is impossible at presont to prosecute.
The other proposal which appears to be in- -volved is that all the assets should be sold as opoodily as possible, and this proposal applies is to firme which are local- -ly solvent. As already indicated on more than one occasion, the Government are anxious that trade stocks should be cleared off us quickly as possible, and, though here again the Committee lave used embarrassingly general langungo, it is believed that it is chiefly the questions of the sale of goodwill, trade-marks md shares which are referred to. These are questions to which there
in