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Wednesday, 23 March 1966

Mr KILLEN (Moreton) .- by leave - I move -

1.   After sub-clause (1.), insert the following sub-clause: - " (1a.) Where a member of the committee of inspection is a person authorized by a creditor to act for the creditor in relation to the bankruptcy, the creditor shall not, while that person is acting as a member of the committee, except by leave of the Court, either directly or indirectly, become purchaser of any part of the property of the bankrupt.".

2.   In sub-clause (2.), omit "the last preceding sub-section ", insert " this section ".

The first amendment is to prevent an accountant, where he is the representative of a company on a committee of inspection, from dealing with any of the property involved, but there would be absolutely nothing to prevent his company from purchasing the property. That is the sense of the amendment. It gives the power entirely to the court and a company could not, using the accountant as a conduit pipe, get access to property which upon ordinary equitable principles it would not be entitled to.

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