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Wednesday, 23 March 1966


Mr CONNOR (Cunningham) . - I move -

Omit paragraph (c), insert the following paragraph: - " (c) ordinary tools of trade, plant and equipment, professional instruments and reference books of the bankrupt not exceeding in the aggregate Five hundred dollars in value, and such other tools of trade, plant and equipment, professional instruments and reference books of the bankrupt, if any, as the creditors by resolution determine or as the Court, on the application of the bankrupt, determines; ".

The purpose of the amendment is quite plain. The Committee which made recommendations with relation to amendments of this Act recommended an amendment to provide that a bankrupt, by agreement with his creditors or on application to a court, may secure the exemption of certain tools of trade. I felt that some minimum protection was needed. I understand that the AttorneyGeneral is prepared to agree to my suggestion that tools of trade and plant and equipment not exceeding an aggregate of $500 in value will be expressly exempt from goods to be valued in satisfaction of a debt, and further, that recourse may be had to a court should it not be possible to arrive at an agreement.







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