The Gazette 1973

Departmental or other sanction to pay portion of a salary or income to the Official Assignee is, in our view, unnecessary. Chapter 29: Allowances Payable in Bankruptcy— Major Recommendations Allowances payable in bankruptcy should be a matter for the judge sitting in bankruptcy. Chapter 30: Position of Banker in Relation to Bank- rupt's Account— Major Recommendations Special notification of bankruptcies should not be given to the Irish Banks Joint Standing Committee. Banks should notify the Official Assignee of any account in a bankrupt's name. Chapter 31: Debts to Rank Equally— Major Recom- mendations Subject to Sections 60 (2) (B), 81 and 132 of the draft Bill, all debts should rank equally. Chapter 34: Claim to Property in the Possession of a Bankrupt— Major Recommendations Claimants to property in the possession of a bankrupt should file with the Official Assignee a claim verified by affidavit. If an affidavit is not filed within one month after service of a notice from the Official Assignee he may sell such property. Chapter 35: Re-Direction of Letters— Major Recom- mendations Provision should be made for an application to be made by the Official Assignee, to re-direct to him letters including telegrams and postal packets addressed to a bankrupt. Chapter 36: Audit and Dividend— Major Recommen- dations A new procedure for distribution of a bankrupt's estate is recommended. It suggests that the report to the Court, a copy of the bankrupt's account in the Official Assignee's books, particulars of expenses, fees, costs and a note of the dividend payable should be placed in the Court file to be open for public inspection prior to their submission to the Court for approval. Chapter 37: Unclaimed Dividend Ac c oun t— M a j or Recommendations The existing Unclaimed Dividend Account operated by the Judge and the Examiner should be wound up and replaced by one operated by the Official Assignee alone to which the balance in the existing account should be transferred. The provisions relating to in- demnification of the Official Assignee out of the Unclaimed Dividend Account should be retained and extended. Chapter 38: Annulment and Di s cha r ge— M a j or Recommendations Annulment and discharge should be distinguished. A bankrupt whose estate has been realised should be entitled to his discharge if his creditors receive fifty pence in the £ or more. A bankrupt should be entitled to his discharge if his bankruptcy has subsisted for twelve years. All subsisting bankruptcies where the order of adjudication was made before the 1st January 1950 should be discharged. 221

Chapter 14: Judgments, Seizures and Judgments- Mortgages— Major Recommendations (1) Judgments which are not registered within twenty- one days of bankruptcy should not be void. (2) The proceeds of sale of goods and leaseholds or any moneys received in satisfaction of an execution should be retained by the Sheriff or County Registrar for twenty-one days, and, in the event of bankruptcy, should be paid to the Official Assignee. There should be no lower limit to the amount retained by the Sheriff or County Registrar for payment to the Official Assignee in the event of bankruptcy. The period of retention should be increased to twenty-one days. (3) A judgment mortgage registered at least three months before adjudication should give the mortgagee preference over simple contract creditors. Chapter 15: Power of the Court to put the Official Assignee or the Purchaser of Lands in Possession— Major Recommendations Provision should be made to enable possession of a bankrupt's lands to be given to either the Official Assignee or a purchaser. Chapter 18: Money Deposited in the Post Office Sav- ings Bank and Securities issued through the Post Office by the Minister for Finance— Major Recom- mendations Money in the Savings Bank and securities issued through the Post Office by the Minister for Finance should be subject to the vesting provisions in bank- ruptcy. Chapter 20: Copyright— Major Recommendations The author of a work should receive royalties in full where the holder of the copyright is adjudicated bank- rupt. Chapter 22: Fraudulent or Voidable Preferences— Major Recommendations A conveyancer or transfer made within six months of adjudication should be deemed fraudulent. Guaran- tors should be brought within the confines of the section. A new provision should be introduced to deal with certain transactions carried out within three months of adjudication, which would not be fraudulent, but which would in future be declared void, if the doctrine of relation back were abolished. The section should not apply to arrangements. Chapter 23: Voluntary Conveyances— Major Recom- mendations The section should apply to all debtors, whether tra- ders or not, and to wives as well as husbands. Voluntary conveyances should be avoided if made within two or ten years, depending on the circumstances. A transfer of after-acquired property made in pursuance of a con- tract or settlement should be void against the Official Assignee unless made more than two years before adju- dication. The right of a spouse under Section 113 of the Succession Act 1965, if exercised by a bankrupt should not be void against the Official Assignee. Chapter 27: Power of Court to Appropriate Part of Bankrupt's Income, Salaries, etc.— Major Recom- mendations The proposed section has been extended to cover the earnings of professional and self-employed persons.