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Thursday, 26 November 1914

Senator KEATING (Tasmania) . - I move -

That after sub-clause (1) the following new sub-clauses be inserted: - " (1a) The creditors may, by special resolution, at any such meeting or adjournment thereof, resolve that the composition or scheme be rejected, and that a trustee be nominated witli the consent of the Court to apply for, and obtain, a sequestration order, and an order vesting in such trustee the property of the debtor, to bo divided among the creditors in accordance with the provisions of this Act. " (2a) A copy of such resolution in the prescribed form shall be advertised in the Gazette." < f:i

The object of my amendment is to insure that if creditors, after having been summoned to a meeting in accordance with the provisions of this part of the Bill, decide that the proposed composition or scheme of arrangement is not satisfactory, they may not merely reject it but may, by special resolution, appoint some person as trustee to apply for an order for sequestration. In other words, they may say, " The proposed composition is not satisfactory, nor is the proposed scheme of arrangement. We recognise that the affairs of the debtor are in an involved condition, and we, desire that his estate should be sequestrated. We are satisfied that' only "by the procedure . provided under the Bankruptcy Act can his estate be properly administered for the benefit of the creditors concerned."

Senator Gardiner - I am prepared to accept the proposed new sub-clauses.

Amendment agreed to.

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