No. VIII.
An Act to amend the Laws relat ing to Insolvency.
| WH E R E A S i t is expedient | conta ined Be i t therefore enacted by t h e Queen ' s Most Exce l l en t |
| t o | amend | t h e | L a w re la t ing to Inso l |
| vency and t h e | admin is t ra t ion | thereof | in | m a n n e r | hereinaf ter |
Majes ty by and wi th t h e advice and consent of t h e Legislat ive Council a n d Legis la t ive Assembly of N e w South W a l e s in P a r l i a m e n t assem bled a n d by t h e au thor i ty of t he same as follows :—
| 1. E v e r y p a y m e n t heretofore | or | hereafter m a d e by any person |
before t h e seques t ra t ion of his es ta te u n d e r t h e A c t fifth Vic tor ia n u m b e r seventeen to any creditor for or on account of any jus t debt due a t t h e t ime of p a y m e n t shall except only in t h e cases hereinaf ter
| men t ioned be and be deemed | to | have been a val id p a y m e n t | a n y t h i n g |
| in | t he | said A c t | no twi ths t and ing . |
2. Provided tha t such credi tor or t h e person receiving pay m e n t on his behalf shal l no t a t t h e t ime of p a y m e n t have k n o w n that t h e debtor was t hen inso lven t—or was by such paymen t rendered inso lven t—or t h a t he t h e n contempla ted t h e su r render of his estate as insolvent—or tha t proceedings for causing his estate to be sequestrated had been commenced—or t h a t t h e p a y m e n t was a vo lun ta ry preference
| Cour t of Reco rd and t h e powers and jur i sd ic t ion now vested in a n d exercised by the Sup reme Cour t or any J u d g e thereof in or in respect of cer ta in m a t t e r s in Insolvency t h a t is to s ay—the sequest ra t ion of es ta tes—the release of estates from seques t ra t ion—the d i rec t ing and prosecut ing of t h e examina t ions of insolvents and witnesses and order ing a n d enforcing t h e p roduc t ion of books and pape r s—the order ing of t he p a y m e n t of dividends and of other moneys be long ing | to |
| of such creditor to o ther credi tors | A n d not ice to t h e credi tor or |
person so receiving p a y m e n t of any such m a t t e r by whomsoever given if in accordance wi th t h e fact shall be equivalent to and be deemed knowledge in such credi tor or person.
| 3. | Provided also t h a t | n o t h i n g | in th i s A c t | shal l ex tend | to any |
| sui t or act ion a l ready de te rmined or commenced | before t h e first | day |
| of | September one t housand e igh t | h u n d r e d and | s ixty-one a n d | pend ing |
| a t t h e pass ing of th i s A c t | or shall affect | any m a t t e r or | quest ion |
| there in . |
| 4 . The Chief | Commissioner | of | Inso lven t | Es ta t e s s i t t ing | in |
| Inso lvency shal l have all t h e au thor i ty and | powers of a J u d g e of a |
to insolvent estates—the ordering of payments by an insolvent becoming able to satisfy his creditors wholly or in part—the approval of accounts—and the confirmation of plans of distribution—shall be and the same are hereby transferred to and vested in the Chief Commis sioner of Insolvent Estates Subject nevertheless to appeal to the Supreme Court in such manner and upon such terms as the Judges by any general rules made by them shall direct.
5. It shall no longer be necessary that the granting suspending or refusing by the Chief Commissioner of a certificate to any insolvent shall be confirmed by the Supreme Court in the first instance but every such grant suspension or refusal by the said Commissioner shall take effect from the date thereof unless reversed or altered by the Supreme Court upon appeal And every such appeal shall be within twenty-one days and shall be subject to any general rules made as aforesaid.
6. The Official Assignees in Insolvency shall be in all respects as such Assignees under the control and direction of the Chief Com missioner And if at any time it shall appear to such Commissioner that any Official Assignee has improperly or unnecessarily incurred costs charges or expenses in any matter affecting an insolvent estate or its administration he may disallow the same as against the estate Subject nevertheless to appeal to the Supreme Court by the Official Assignee or any other person interested in the question in such manner and upon such terms as may be provided by any general rules made as aforesaid.
7. All sales in Insolvency effected by or by the order of any Official Assignee shall unless the Chief Commissioner shall in any case otherwise direct be by public auction of which six days public notice at the least shall be given And no sale by private contract shall be complete until approved under the hand of the Chief Commissioner.
8. The Governor shall with the advice of the Executive Council appoint a fit person to be " Registrar in Insolvency " who shall also be the Accountant of the Court and shall be under the control and direction of the Chief Commissioner And it shall be the duty of such Registrar to preserve the records and keep the books and accounts of the Insolvency Department—to tax all costs incurred in Insolvency proceedings—to audit and report to the Chief Commissioner upon the accounts and plans of distribution of the Official Assignees and to attend to such other matters relating to Insolvency as may be required
review by the Chief Commissioner upon application for that purpose. of him by the Chief Commissioner subject in all cases of taxation to
9. The Chief Commissioner in any insolvent estate in which he shall see fit may order meetings of creditors to be held and the proof of debts thereat to take place before the Registrar subject to review by himself as aforesaid And the Chief Commissioner may authorize the calling and holding of any meeting of creditors in any estate for any purpose at the instance of the Assignee therein or of any three creditors upon such day or after the expiration of such time as he may think fit.
10. The Chief Commissioner may cause the insolvent in any estate and also all persons required as witnesses therein from time to time to be summoned and examined either before himself or some other Commissioner in Insolvency and may issue summonses for that purpose on the application of the Official Assignee or of any creditor or without any such application And obedience to any such summons may be enforced and non-compliance therewith be punished by him in like manner as provided by the sixty-eighth and two following sections of the Act fifth Victoria number seventeen with respect to parties summoned by the Supreme Court or a Judge.
| 1 1 . W h e n e v e r an insolvent shall have been | requi red by or | in |
pu r suance of any general ru le to file or deliver a schedule of h i s assets a n d liabili t ies or a s t a tement of p roper ty disposed of by h i m
| wi th in | s ix ty days before | seques t ra t ion or | a supp lementa ry | schedule |
| shewing his t ransac t ions for six or twelve m o n t h s before | seques t ra t ion |
| he m a y be proceeded aga ins t | for no t comply ing w i t h any such requi |
| sition by a t t a c h m e n t as for con tempt of | a ru le of Cour t . |
| 12. The person who m a y be elected Assignee by t h e | creditors |
in any insolvent es ta te need not be a credi tor .
13 . This A c t shall be styled a n d m a y be cited as the " Insol
| vency | Laws | A m e n d m e n t | Act | of | 1 8 6 1 . " |