E. & A. Dept. Form No. 1 b.
402
In view however of Mr Nicolle's Report, which points to the necessity for improved administration and more careful accounting in Bankruptcy proceedings, it may be a matter not unworthy of the consideration of the Secretary of State whether some steps should not be taken to bring the present system in Hong Kong more in accord with the practice of the Bankruptcy Department of this Country.
The procedure in the Colony is apparently somewhat similar to that which prevailed in England prior to the Bankruptcy Act of 1883, and it may be well to indicate the nature of the change then made in its bearing upon the present proposal.
Very briefly stated, and in general terms it was as follows:-
A separate Department of the Board of Trade was created, in no way forming part of the Court, or under its control as regards finance, to whom all Trustees, whether official or non-official, are required to account.
All moneys received by Trustees are forthwith paid to the Account of this Department, instead of being held in the hands, or paid to the personal banking accounts, of the numerous Trustees all over the Country, and all undisposed of balances in respect of old bankruptcies which existed when the new law came into operation were also required to be so paid to the Central Authority.
In this way a large fund was created, which was not immediately required to meet outgoings, and therefore a large part of it was meanwhile available for investment.
The interest of the investments, together with Fees and Charges against Estates, produces an income which covers the
E. & A. Dept. Form No. 1 b.
402
In view however of Mr Nicolle's Report, which points to the necessity for improved administration and more careful accounting in Bankruptcy proceedings, it may be a matter not unworthy of the consideration of the Secretary of State whether some steps should not be taken to bring the present system in Hong Kong more in accord with the practice of the Bankruptcy Department of this Country.
The procedure in the Colony is apparently some- -what similar to that which prevailed in England prior to the Bankruptcy Act of 1883, and it may be well to indicate the nature of the change then made in its bearing upon the present proposal.
Very briefly stated, and in general terms it was as follows:-
A separate Department of the Board of Trade was created, in no way forming part of the Court, or under its control as regards finance, to whom all Trustees or non-
whether official
official are required to account.
A
All moneys received by Trustees are forthwith paid to the Account of this Department, instead of being held in the hands, or paid to the personal banking accounts, of the numerous Trustees all over the Country, and all undisposed of balances in respect of old bankruptcies which existed when the new law came into operation were also required to be so paid to the Central Authority.
In this way a large fund was created, which was
not immediately required to meet outgoings, and therefore
a large part of it was meanwhile available for investment.
The interest of the investments, together with Fees and
Charges against Estates, produces an income which covers
the
No comments yet.
Private notes are available after approval.