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Wednesday, 9 July 1930

Senator McLACHLAN (South Australia) .- I move-

That the following new clause be added: -

6.   Section one hundred and fifty-eight of the principal act is amended by adding at the end thereot the following words: " except by resolution passed, at any meeting of creditors duly convened, by a majority in number and value present thereat either in person or by proxy, and assented to by the debtor ".

That provision is necessary owing to the exclusive character of section 158 of the principal act, which provides that if a meeting of creditors is held in relation to the affairs of a debtor no proceedings in relation to his affairs shall be taken under part 12 of the act. Part 12 of the act is really the old common law method of assigning an estate. In New South Wales the provision was found to work adversely,' both to the debtor and creditor. Usually the solicitor would call a meeting of creditors under part 11 of the act, whereas all parties might desire to take action under part 12. The amendment now allows that action to be taken by common consent. I commend it to the Senate.

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