The committee agreed to put some oral evidence matters into the agenda. Future procedure was discussed, the aim of which was to speed up the committee’s work. It was expressed that a report would be produced in the spring of 1980.

On Acts of Bankruptcy, the committee stressed that it wished to see a unification of the bankruptcy and winding-up initiation procedures. The replacement proposals were highlighted briefly. The meeting considered the list of events that indicate that a debtor had stopped paying his debts. On dishonoured cheques, it was agreed that a form of notice, and a minimum amount, were required.

Deeds of Arrangement

The committee’s main position, mainly that a deed is an act of bankruptcy. What is now proposed is a form of voluntary bankruptcy akin to voluntary liquidation. The meeting stressed that all insolvency proceedings should go through the court. It was also decided that since a voluntary liquidator could be removed by the court, the same should apply to the proposed scheme for voluntary bankruptcy. Overall, the committee was happy with the scheme, and said that there should be more detailed preparation.

Meeting 13 - 8-2-78