Winnipeg Free Press

Winnipeg Free Press (Newspaper) - September 22, 1875, Winnipeg, Manitoba Wednesday sept the Joew act. Oil the first of Tho present month the insolvent act of 1875 came into opera Tion throughout the Dominion. Its provisions we Hope May not Otten have to be applied to those doing business in Manitoba Yot it May not to unprofitable or improper to Point out some of its loading features. The new Law differs from the old mainly in the multiplying of precautions against fraudulent Mak ing away with preferential such like dishonest prac ticks and in this regard is certainly an improvement upon the old the act May to said to be chiefly a creditors under its provisions Credi tors cannot say that their interests have not been carefully protected. It gives creditors new and rather sweeping Powers Aud it will to for those Whoso duty it is to administer the Law to see that creditors do riot abuse the Exten Sive Powers they have secured under Tho act. The act applies to traders and to trading co partnerships and to trading companies whether incorporated or not except incorporated Banks insurance railway and Telegraph companies. The Farmer Grazier common labourer or Workman for hire Are about the Only classes riot coming within the meaning of the act As a trader be comes insolvent through his own acknowledgement to that effect or in Case of absconding secreting or removing property with intent to defraud imprisonment in default of payment of 8200 or upwards allowing a execution to remain unsatisfied till within four Days of time of Sale or failure to obey an order or decree of the court of chancery. Any one or More creditors having unsecured claims of not loss than 8100 each amounting in the aggregate to not loss than May de Mand that the debtor makes an assign ment and in Case the demand to resisted both Partio Wishall be heard before the judge if the demand be not sustained in the opinion of Tho judge he May condoning the creditor or creditors making it to pay treble costs. A creditor or his agent making an Vit of an unsecured debt of not loss than dollars May obtain a writ of attachment which shall be returnable forthwith assignments Are to be made to the official Assignee of. Tho Dis Tritt Tor county where the debtor reside or if there begone then to. The official Assignee for the nearest adjoining county or District. Assignments and writs of attachment shall vib s t in the official Assignee All and interest in and property both Teal and personal insolvent n 6tic is Are not. Required to e a in Tho local newspapers As notice of meeting of Credi tors must be published at least twice in the official Gazette arid the first Publica Tion must be made at least Throe weeks before the meeting. This is All the publication required by Tho now act. Tho usual notices Are however to be sent to All the creditors by mail. The insolvent is require to attend the first meeting and must sign his examination or give the reasons Why he refuses to sign the wife or husband of to join any other per son May on application to the judge be examined on oath creditors May at any meeting appoint one or More inspector who shall superintend and direct the proceedings of the Assignee in winding up the such appointments Mav be revoked at any subsequent mooting. The Cre Dit re May by orders or resolutions direct Tho Assignee from time to time a pwt dispose of Tho estate. In the absence of such directions the Assignee shall to subject to instructions from Tho inspectors. Having a claim exceeding May if the Wain which bus iness is being done give notice " to the Assignee and May be heard before the e court or judge. If is partner in an unincorporated trading company becomes insolvent within Tho meaning of the act and his estates has been assigned Sluch partnership shall be hold Dis the clauses touching the duties and Powers of assignees Are carefully drawn up to avoid the recurrence of the per cent. This commission is to be in lieu of All fees Aud charges exclusive of actual expense in going necessarily and removal of pro Perty. The creditors May themselves appoint an and ii buy at a meeting remove any Assignee and appoint another in his place. I 1 the dish merge of an insolvent requires a majority in number of Tho creditors who have proved claims to Tho amount of and upwards and represent at least Throe fourths in value of All the claims of 8100 and upwards that Havo Boon proved. The insolvent will not be entitled to his discharge if it appears to the court that to has acted fraudulently the discharge May be modified suspended for five years of made second class by the judge. If the dividend on unsecured claims Falls Short of thirty three per cent and sufficient is no Givon for the deficiency the court or judge May suspend discharge or refuse it altogether a discharge a a be absolute or conditional upon certain require f j j. Ments being completed. Foreign Dis charges do not bar debts contracted in Canada. All gratuitous contracts made within Throe months of insolvency Are presumed to be fraudulent and contracts for Bona fide considerations May be stat aside by the court made within thirty Days previous to assign ment. Payments made by a debtor within thirty Days of insolvency to any person knowing or having probable cause for behaving him about to be come insolvent May be recovered Back by suit. A trader purchasing goods and knowing himself to to unable to pay for Thorn shall be deemed guilty of fraud and May be imprisoned for a Timo not exceeding three Tho punishment of fraud concealment Collu Sions and misstatements is very carefully provided for. And the new act the chief provisions of which we have indicated in this article appears framed in such a Way As to protect the honest trader and punish commercial dishonesty More effectually than could be done under the old act. Took abbe City lots Jet anti news f rebellion those Patent self adjust Iii Sash fasteners have a Hivko i a Canadian and simplest to Bini it v ont. Feu Porti. A window when no. And finnly when Down. Doe. Not injure the Woodwork May be seen in operation on Tho windows of of knows o o proving nov Ernhout offices. For Bale it g. A. Us office Comer of notre Dame and main in the West super toe stea5iebs. Cheaper than by any other route and crushed near s be them Teloiv copra Field and opera glasses All sizes nullifies and prices. The Only Stock in the City. Has also constantly on hand a Supply of Nemi Neton breach loading shot guns. Hl8-1m Tom. Chau Behs Gunsmith. and liquors. G. W. Radi6er brother pm porters and dealers in groceries. Wines spirits tobaccos and cigars. A Large assortment of English French and american canned goods and groceries. Choice brands. Souchon and Congo Green Young Hyson Gunpowder. Japan Best in Market. Wines. Sherry. Sicilian Sau Terne Charif Page is Moselle still Hock Claret. Martell t juleseobin.bis-l1" quit dub Ruehe f 4 f do Kuyper w j Boll old Tom Booths Hall f Ann Case. Whiskey. Old Bye scotch in Wood Aud Irish. J Caso. Liqueurs. Pere Vermoun end Aud White Cuva Coa Maras Chino Kirsch Wasser Aya pans Anisette do Bor abuses which crept in under the old act. The commission to assignees is fixed at four percent on All Buma realized not on All above that sum up to to and a half per cent Over that sum one and a Quarter Gru Inesa Porter quarts and pints. Bitters. John Lull India and Bernard s Orange to bold Stoughton. Absinthe 8uisse, vermouth Lime juice. Bass quarts and pints. Cent Pacific Lake go s s Avenue at the British lion raised and looking after to at. Line of first class passenger steamers one or which leaves d it l to t h Inch monday wednesday and Friday for there connecting with the and great Western railways Lor All Points in Canada and Detroit Cleveland and i Aflalo con booting with Bonds for All Points East Anil South i Tho pass Singer steamers of this Tine arc and office red special in Serenco the safety and Comfort of Cabin Pas Juge on this Lino Means and stateroom i thereby making the Cost of passage considerably less than by Luud routes. Low Bates and Quick despatch Given on freight East and West bound. 7 his line is Bond the transport nation of foreign goods. For passage apply to a. Mcdougall Ever Ard Kro aident at Telegraph Olla cd Avion Picc. Detroit n7.3ui j. H. Ashdown 3. Parties who will Sarnia Lake Superior line fort Garry to Hamilton. Toronto Montreal and ajl Poi it. East. The gulp did View upper Cabin i of cancers Manitoba Ontario Quebec build on said lots a few lots stoves stoves. In stoves hardware hardware. 1 j t i a. I i will Pera every wednesday saturday after the arrival of. The train Froin Moor h Billyer Hli it Saul Ste Southampton Sarnia London Hamilton Toronto and Montreal. The 8teatner6 of Phiip line t Ori th6 inkob.1 the Public. Can rely on Dos catch and safety a Low of freight and damage. Inquire at the Cental ticket be and at offices of Biver fora Asago top ply to h. Muon Gail Telegraph office Winnipeg 4.h. By pm j. H. Beatty to be sold Low for the largest and tobaccos and cigars Whoie a c. H. Wilson general commission merchant office and faroh6xise and first door North of new Post office Stock North of St. Paul 1 at Tho great through line by Ficen York and All and Southern Points Ana Tho 3imt Kortus wort connecting in Chicago with All a. B. Burrows. A25-lm Vijh Lago a prow canal and wait ton str teen. Horse oars and All of Tho oily to Huntly 2ho Only through line Between Chicago Milwaukee by. c it trate Rees Jueitt i str jumbo Piru wimm in rough lore jul pm Niue Morti than Lino existing under Tho name s Tylo iof mum the of Lake Pupin. Also Madi i Owatonna and i ii Grihault. Through Palace coaches and sleeping cars of beat and Truk pofect., connecting at St. . Minno Apolini with Down go having expired by Sinuta subscriber would aspect fully state All Tabt Litsios of the same urgently leanest that ail pay and avoid the cos Uttof Bol Lection i o a so cml Fly thu entering at Tiow Point. St Conier of , Geu Paw. Statutes of in curia at free press office ;