Insolvency Act 1859 (SA)

ANNC) VICESIMO SECUNDO ET VICESIMO 'rERTI0

No. 21.

An Act to amend the Insoltwnt Act, 1857-8."

[Assented to, 1st September, 1859.1

3REAS it is expedient to define the tenure of the office of 1857-8: Be it therefore Enacted, by the Governor-in-Chief of the Province of South Australia, with the advice and consent of the Legislative Council and House of Assembly of the said Province,

the Commissioner of Insolvency, and to provide for his re-

W"'

moval from office and otherwise to amend the Insolvent Act,

in this present Parliament assembled, as follows-

1. The Commissioner of Insolvency shall continue in his office f;;g;;ionefatenure

cluring good behaviour: Provided that it shall be lawful for the Governor to remove such Commissioaer upon the address of both Houses of Parliament.

Repeal of scctions 88

2. Sections 88 and 153 of the said Act are hereby repealed.

and 163 of Act No. 14,

1867-8.

3. In case it shall appear to the Court of Insolvency that any Dcbts incurred mith-

insolvent shall have contracted any of his debts without having pectation ofpayment,

out reasonable ex-

any reasonable or probable expectation of payment a t the time when the same were contracted, it shall be lawful for the said Court to order such insolvent to be imprisoned, at the suit of the

amicnees for the time being of his estate and effects, as judgment

creditors, as in the said Act mentioned, for any period not exceeding

six calendar months from the date of such order.

4. The petition mentioned in the 152nd section of the said Act, F;i2;m of put ion

8 2 shall

shall he in tbe form coutained in the Schedule marked A to this Act annexed, a rd the signatures of a t least oac-third in number

To signed by at

least one-third in and valuc of the creditors of thc petitioner shall be subscribed

nlirnher acd value of as assenting to the prayer of such petition, and such petitiou

petitioner'' creditors, shall be filed, and the date of filing of such petition shall bc 'endorsed thereon; and there shall bc filed with euch petition an affidavit in the form contained in the Schedule marked B, to this ,4ct ankiexed; and no ordcr shall be granted by the Court for the protectiorl of the person and propertv of thc petitioner, unless it shall be first satisfied that at least one-tgird in number and value of the creditors of the petitioner shall have given their assent to the prayer of such petition, and have sutmribed their names thereto. And the said Court shall cause notice of the filing of any such petition to Fe fbrthwith inverted in the South Austrcclian G'ouerrznwzt

Gazette, and in some Adelaide newspaper.

Creditor may prove

by agent.	5. Any creditor residing beyond the said Pro\-incc may prove his debt by the oath of his agcnt: Providcd that the proof shall bc made in the name and on the behalf of the p~incipal, and that the agent shall, in his deposition, swear that he is such agcnt.
Partidly secured	6. I n any arrangement under the control of the Court, cl-cry for such amount, only, as upon an account fairly stated, after allowing the value of mortgaged property and othcl- available securities or licn, shall appear to be clue to him: Provided that such creditor shall receive a dividend on such arnourlt only as, after all such securities or lien shall have been realized, shall be foulld to be due to him; but no dividend shall be reserved for any such creditor for
creditors to value

security and prove	for creditor shall be accounted a creditor in value for, and may prove
balance.

a longer period than twelve czlendar months, without the consent of

a majority in number ancl valuc of tlie creditors.

short title. 7. This Act may be cited as " The Insolvent Law Amendment Act, 1859."

Commencement of 8. This Act shall take effect from the passing thereof.

but.	SCHEUDLES
A

Form of Petition.

In the Court of Insolvency -

The humble petition of of sheweth-

That your pctitioller hath made up and balanced the books of account kept by him in his trade or busiriess, and bcing unable to meet his engagements, and desirous of laying the state of his affairs before his creditors generally, under the superintenrlence and control of this Iionorabls Court, ahd of submitting himself to the jurisdiction thereof, doth pctition thc court, under the provision of the " Insolvent Act, 1857-8," and of thc '' insolvent Lam Amendmcnt Act, 1859."

That, one-third at least, in number and value of the creditors of your petitioner arc dcsirous and milling that your petitioner should be enabled to lay the state of his affairs before his creditors generally, and in the meantime that the person and properly of your petitioner should be protected, as will appear hy the consent, in writing, of such creditors, and their sigcatures set opposite to the sums of money owing by your petitioner to each of them respectively, and hereunder subscribed.

That the inability of your pctitiotler to meet his engagements arises from [here state grounds of inability].

Your petitioner therefore prays that his person and property may be protected from all pro(-css, and that such proposal as he may be able to make (or such modifi- cation thereof as by three-fifths in number and value of his crcditors may be detcrrnined) may be carried into effect, under the superintendence and control of this I-icmorsble Court.

,4nd your petitioner will evcr pray, &c.

(Signed) A.B.

Signed by the petitioner, in the ptesenrc of a Prac-

titioner of the Supreme Court, in the matter of this petition.

Wc, the undersigned, crcditora of the above petitioner, A B., hereby certify our

consent to the prayer of the above petition :-

£

E.F ....................... 500

c.n. ........,.......... 250

Signcd in the presence of the abovc solicitor]

in the matter of this petition, by the several persons, creditors of the above petitioner, whose names arc set opposite to the amounts respectively duc to them from the above petitioner.

Afldaail in support of Petition for arrangement.

In the Court of Insolvcncy-

9 of , in the Province of South Australia, the

petitioner named in the petition hereunto annexed, maketh oath and saith that the several allegations in the said petition are true, and that the several pcrsom whose names are subscribed to such pctition are creditors of the deponent to the amount set opposite their respective names, and that such several persons are desirous that he may be protected in his person and property, under the superintendence and control of this Honorable Court.

Sworn at , the day of , before me.

. - - p - p - .- P-

Adelaide: Printed by authority, by W. C. Cox, Government Printer, Victoria-sqaure,