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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - April 5, 1920, Lethbridge, Alberta .THE LETHBRIDGE DAT1.Y HERALD. MONDAY, APRIt 5, 1920 How to Become Bankrupt Farmvi and Uhdsr New Canadian Bankruptcy Will Cjtch Man Who Trlts to Fool Creditors by Settling HIt Wltf. DUKE AND DUCHESS OF (Toronto Telegram) More than one smug-faced, self- righteous cltUen .hae, in past yean, put his property in his wife s name. I cot in business lor thenxsetve.v re- ceive ia wages, commUsiou or sal- ary not .more than a year. aro possibly in and then made an assignment of of the'.fact lltat a. bankrupt business, laughing up his sleevo might precluded irom hit hapless creditors, who aro forced! cirryUis on his business-- farming lo accept a few cents en the .ioll-ir, to diminish the outjiui oi But that old trick will be harder lo fooj' 1 pull oK In future. At last Cauaai Look Sharp. Creditors has a Bankruptcy Act snd U irili I The trustee, usually a solicitor, prr.fcably become effective about the SlTe3 a bond to the court for JlO.uOO 1st of July next. And be It known that' or more and cannot receive more no undischarged -barkruyt can hold 5 rer ceut. of the total cash any clrlc or other oftioe. No Hldinj Behind V.'lft The clause directed at the "I set- tled It' on ray wife" gentleman is a much more stringent piece of law than a similar paragraph in the old Wndlng-Up Act which deals with i lte bankrupt's property, such matters today, and places the sometimes the bankrupt is onus of proof upon the creditor. The new Act forces instead. This is receipts for his servkx> much less lucrative for lue trustee than ucdsr '.be old act, anil In Iho matter of a very small estate would i reduce hU fee 10 almost nothing. The trustee theu takes full charge though times the bankrupt is and paid to carry ou the business tho ullder orders. Tho baukrupt must give vent, to prove that any settlement' a lul1 statement of. his'aisets and the 10 made was an honest one. aod aebls due lo his slanilaliy It says In this Then lbe bankruptcy i> j "Any settlement other than a mar-: roistered and notice duly published i al settlement, or of property sold ln tlie offlda! Canada Gaietle. AH, for cash or bought in good fnith or creditors should At once send In property which belonged to the wife >their clalm-. must tie accord3d: before marriage and has been made'lbe lo examine (ho claims of; over to her and her children, if "editors. The only debts re-j within 'five years prior to his bank- coverable are those incurred through I ruptcy, shall unless It can be proved contract. promise or breach or that one year prior lo his failure the'trust- bankrupt was able lo pay his i Truitee irlthout th' aid of this property, be-- A" creditors are required lo, ut-i come null and void, anj the (ho llrst 'meeting, where a' In question be reized by the trtii-! from {25 to iee who Is administering 'the bank-1 entitles the holder to, one vote andi rupfs estate for the benefit of his so on until the holder of a creditors." Moreover: relative.; claims claim gets three voles. The bank- against his estate wait rupt's entire property, saving those of other creditors are saltsfle.1. exceptions, now vests In the. Mutt Owe .trustee, whose claim on behalf ofj How doss n man Ijeconu1 A rupt? If he whose claim on behalf .or, WASHIXGTOX. April 3.-Ama overrides every other ot deparlment ln be sensible, an j claim, though In no doing it Insolvent: the claims of ed court i creditors who hold promissory notes, debtor will himself petition lii to so declare htm, by making an au- thorized assignment. The court then appoints a trustee io han.'.te es-l orj tho inspector sgreM tale, a mcetinf; of crcJItors is call 1 and forthwith payments tpi the ed and it (her. arc generous he IQ Inslalmenla. be permitted 'an extension of credit. I Bllt. _one ceat do tie creditors Jfany insolvents, however, do not vol-JKcl untu court and fees untarily assign, but by committing an j Deen Pald ln first act of bankruptcy have It thnjst upon lhe landlord, if any, and, after i them. A mere statement to his cred-J on C1ua! footing, all the I ivhom may; cents on the i etc. The trustee, who must insure the property, can sell It off entire n'ts" iaitltutBd sult reatltulion of 1 io be brought. The Duchess Consuele Vanderbllt of i those In the'more Important cities, are combining through purchaao or con- solldatloa'and already It has become apparent to Voine obserrera that buslness'soon will be concentrated In tho control of a few big Interests. ..Tha American Chimber., of Com- raerce'ln'LondO'u'repbrla that o4e of the largest department stores of that city absorbed tirei corapetl- tors and 'branched out in South America through the opening of a large establishment In Buenos Aires. "The oVadvertljlng as a sell- ing force la'becoming tnora realized in the report uld. "Thlr movement toirarda amalgamatiba Is not expected to destroy competition, though it mar tend to narrow its scope." i and Advertising To Meet the Forces of .Competition ,s noted in officiai r orts received here as Ihe latest develop- ment of a tendency toward combina- tion In each branch of England's nat- ional Industries. Big stores, especially Tango, the ner subdued flame color, is this season.' Itors that they cannot or anj ofBcr creditors, none ot wh tiempt to cheat or-to 100 cents empowers'-tfie'creditors 'ib anT'credltor or group of 'Creditors must) i.-. Bankrupt's Oltchanje have" Inithe amount- "''A-.Tiapn' to'the. bankrupt, however, Jug to his A refusal to grant be. app'ealed up to the Supreme Couri of Canada. The cc-urt .can annnl :any order of bankruptcy which. .In Ita opinion, was Improperiy'niade. Must Pay Other. Debt S On Ihe other h'andj -the court: will refuse to discharge a bankrupt where he has committed an .offence under the act, or may suspend' the discharge until he has paid 60 cents on Iho dollar. A bankrupt, oven though discharged. Is net released hum anything liut the debts prov- able under the bankruptcy, and Is liable for all judgments or for debts incurred in buying food or other necessities. Prison Doors Yawn Though not as in the bad old days of Marshalsca Prison, when English insolvents languished behind the bars; until friends paid their cents, debtors i may still bo Imprisoned for felonious' conduct respecting their bankruptcy.] Tbe new act contains no less than 18 clauses enumerating various types of i misdeed a debtor might commIL For! Instance, -an undischarged bankrupt; who obtains credit ,for J50 or up-! .wards without first informing the person, or who engages In trade der another'name, Is liable to a fine: o.f and one year In prison. An; undischarged bankrupt Is not even' permitted to have a bank account of his own. Jud'clal Change! Jail doors anri a fine awnlt.lhi registrar who falls to register a bank- ruptcy. A trustee may be plinlsheii fof. negligence or favoritism to cred- itors. Falluje.to attend an exutnina-i lion may land a bankrupt In Jail tor j fuses to tnke Into custoily a bankrupt- committed to his charge can be lock- id in his own cells ami mulcted IJuch is a general review of the new Bankruptcy Act to be effective nil over Canada, and Uie application which will mean flOW, as always, the soundest value for your monty. Fit-Reform Styles are the spring styles and at their besl they are distinctively smart and sensibly comfortable the Fit-Reform Label to guarantee quality and value, had never drea'med wero poselble' f srhlc1' wl" MJeclal Judges nnd have n splendid appetite and crsry- col'rls and at Osgoorie Hall Jhlng I eat agrees with me perfectly and gives me slranglh and I weigh eleven pounds more I tllil before I had (bo flu. 51 jr ncn-cs are as steady and strong as they can be and it is play for me In drive a E53] gelding, bald face, two' MjtX hind feet, branded on right IBB thigh as cut on left, nud also branded on right shoulder as cut on right, forctop weight one black gelding, uniuu- eel R H on left shoulder, roachcd mane Inst fall, two while hind feet, snip on nose, and star' on forehead, weight Hold and advise Bos 119 Herald. HAY 45 tons ot baled alfalfa. Ap-! ply J. C. McCulloch, CcsidsJt, four miles south and half mlla west of CoaJdale. List Your BRANDS! It will be a mutual to owners of brands if they were to placa before alt farmers and ranchers so that stray stock could be recognized arid returned promptly. A few. dollars moath will carrv them 'Herald. BRAND REGISTER On rigtt ihooimr of catUa. On rirht ihonld.r ot toriw. k NDMoh. RSU. Oa Jeft ot horses, aail on left hip ot cattlo. 0. T Lathrop. Telephone 186E ribs of geldings, on JIarch from Raley. J5.00 rcwKrd per heed for return. Two dat-X grey colts, four fears old, weight about pounds; :wo blaclis, seveii and eight years old, weight about pounds. All f branded 27 on right ttigli, and nlso ibrandcd on' loft shoulder as cqtfoti Tight; one black has lar while marking on face. These are probably headed for Ihe Ktick; ranch, or Kirkelly ranch. Find- er notify H. S. FIock> llaloy, Alta., or phone Itnral-Jo3, Cardston, Alin. HIght thigh of home rp. Peferaon, 131S Bit A. south. Phone 1274. li On. right jhoulder ol horses. lewarrt given. H, 0. Roll'ag, Wren- Alia. Oa left thigh. Albert Iron Sprlngi, Al- berta. TENDERS WANTED For cleaning olf weeds, double disc- Ing, drilling into wheat, nbnul 50 acres around Henderson Park, notary Club, care of J. U. Bass. TENDERS For removnl ot ;OHB of coal from mine to railway, distance of one mile. Federal Coals, I-etnbridge Al- berta.,