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Thursday, 26 November 1914

Senator KEATING (Tasmania) . - I gave notice of several other amendments upon this clause. I proposed that we should substitute the word ' ' Registrar ' ' for the words " Official Receiver," in four places. But for reasons which have already been indicated, it is not my intention to press those amendments. I have, however, given notice of an amendment in paragraph h of the clause which, I think, deserves consideration. It is provided by the paragraph that the trustee shall - one month before the final winding-up of the estate, which shall not ho earlier than twelve months from the date of the deed, cause notice to be given by post to each person appearing to be a creditor who has not assented to the deed, stating the amount of the dividend appearing due to him, and that unless he assents to the deed, and claims the dividend within one month from the posting of the notice, he will be excluded from all benefits of the dividend.

It might so happen that the affairs of the debtor would be satisfactorily settled at the time of the filing of the first fourmonthly statement, and in such a case it seems to me that it would be absurd to delay the final winding-up of the estate for the remainder of the twelve months, as required by paragraph h, especially in view of the notice which has to be given to creditors who have not assented to the deed.

Senator Bakhap - A creditor's assent is not essential 1

Senator KEATING - Not unless he is a very large creditor; but if the necessary number pass the resolutions, he is bound by them. This is a special provision to give him notice, but there may be no reason why the final winding-up of an estate should not be earlier than twelve months from the date of the deed. I move -

That the words " which shall not be earlier than twelve months from the date of the deed " paragraph h, be left out.

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