----- Original Message ----- From: John Hermann <[EMAIL PROTECTED]> To: John Hermann <[EMAIL PROTECTED]> Sent: Sunday, 5 December 1999 7:12 PM Subject: Monetary reform in the UK > Economic Reform Australia > ERA EMAIL NETWORK > > Date: Sat, 04 Dec 1999 > From: "Sabine McNeill" <[EMAIL PROTECTED]> > Subject: Forum for Stable Currencies @ House of Lords in London > > Dear Friend and E-Contact, > > Today I have been extremely heartened by the gift of a cheque to cover > printing and mailing of our FORUM for STABLE CURRENCIES programme to > Parliamentarians of both Houses. > > The series of meetings began in October and we video'ed every meeting - as > Briefing Material for Parliamentarians, but for the future meetings, > hopefully more Parliamentarians will attend. > > I have not been active in promoting the info on the net or web, for it is > most important to me to get it to Parliamentarians and Press. Canon Peter > Challen, however, who has diligently been taking the minutes, has been > admirably active in e-distributing them. I attach the latest report which > you may have had already. > > But *paper* distribution can now happen. Once 'decision makers' have been > informed, 'the public' can follow suit and add pressure their way. This is > therefore just to give you my overview of the picture: > - our programme of speakers is based on the experiences gathered by Lord > Sudeley whose great grandfather was made bankrupt courtesy of Lloyd's 100 > years ago; the appalling thing is that the *same* principles that led to > that bankruptcy are still operating today > - our understanding brings together not only various levels of analysis of > the *problems*, especially experienced by the thousands of Bank Victims > whose voices have not been heard enough, but also a number of levels of > *solutions* > - our primary solution will be legislation: > Tim Lawson-Cruttenden, a 'harrassment lawyer', has offered to draught > Private Members Bills after we brought him up to speed in terms of the > problem - from regulating the money lenders, i.e. banks, to protecting Bank > Victims > - furthermore, we are examining the route of amending a Government Bill > - we also keep tabs on widening the remit of the Select Committee on the > Monetary Policy Committee of the Bank of England at the House of Lords > - once the House of Commons will have been informed, I shall make a > submission to the Treasury Select Committee of the House of Commons. > > Outside the political arena, we are also looking at > - empowering individuals by using a little 'mutual credit booklet' that I > have discovered in former East Germany, via admirable and idefatigable Mary > Fee who runs LetsLink London > - using the web to help Bank Victims > - working with Bartercard as the most effective solution for businesses. > > In the wake of the most heart piercing reports on Seattle, I therefore hope > that you are happy to receive this story from me. If not, please press > DELETE and / or reply: Sorry, mailbox too full... > > With all my commitment to creating the maximum of effects with the minimum > of efforts, > > Sabine > > ----- Original Message ----- > > FORUM for STABLE CURRENCIES > Advocating Freedom from Debt for Economic Democracy > > LEGAL ISSUES of FINANCIAL SCANDALS and their > MONETARY CAUSES > A Series of Discussion at the House of Lords > > You are invited to attend our next meeting at the House of Lords > on WEDNESDAY, DECEMBER 15TH, 6pm. Committee Rm 4 or 4B > Ask for meeting sponsored by Lord Ahmed. > We will hear our fourth 'expert witness', Tim Lawson-Cruttendon, > Solicitor-Advocate, on 'The Legal aspects of Bankruptcy' > advancing our discussions noted here : > > PLEASE PASS WORD TO OTHERS. You may receive this just > for interest if you are not in reach of London. Let me know if > you do not want to receive further notes. > PLEASE NOTE OTHER REGULAR DIALOGUES IN LONDON > AS PREVIOUSLY DESCRIBED > > - NOTES OF LAST MEETING House of Lords on Tuesday Nov. 23rd. > > Apologies - 10 + apologies received > Present : Sabine McNeill [Co-ordinator]; Donald Martin [Chairman]; > Christopher Stockwell (Speaker), Lord Ahmed (Host); Lord Sudeley (Adviser); > Lord Caithness (Adviser); Lawrence Bloom (Adviser ); Canon Peter Challen > [Minute Secretary]; Dr. John Courtneidge; Keith Whincup [SAFE]; > Shard Duhart; David Schoibl; Nathaniel Rohde for Tim Lawson-Cruttenden > [Lawyer]; Damian Mearns; Tony Pritchard; Judith; Tony Chevasse; > Shaheen; Flora Kerrigan; Mary Fee; Benedict Goldsmith; > Bob Arnold; Cllr Andrew Creery; Peter Browne; Francois; > Tarak Diwany; MA Ghamen; Neil Bhatier; Karam Bawany. (29) > > Among our purpose is to fashion a > 'Banking 2000 - Miscellaneous Provisions Bill'. > > And to do so in our agreed context, recited at each gathering; to which > we added this time: * Maximising Personal Responsibility > > The Chairman drew out the interests in the assembly, and Sabine led us > through the developments of the Forum's activities and the green leaflet > defining many of the issues. > We are considering 3 distinct issues that require legislation:- > 1) protection of bank victims > 2) legislating the lenders > 3) regulating Company administration, Bankcrupty and Insovlency > procedures that may be derived from amendments to the Queen's Speech. > > Christopher Stockwell presented his paper, promoting changes in the law > governing bankruptcy [described by one as 'stunning' and another as > 'both depressing and inspiring'.] He spoke of 3 stages: > 1. PRE-BANKRUPTCY > Distinguish between the insolvent who has caused a loss to themselves > and others, and the insolvent who has become so while being entirely > honest. The liability should be proven beyond all doubt and to be the > direct consequence of the individual's own actions. > There should be a requirement introduced into the law that those > petitioning for the bankruptcy have to prove to the court that bankruptcy > is likely to produce a better result for creditors than an Individual > Voluntary Arrangement [IVA]. > > 2. DURING BANKRUPTCY > It should only last a year, as in the USA. > Bankrupts must be allowed a bank account in the period - possible > in law, but not followed by most banks. > If bankrupt not guilty of dishonesty he should be allowed to serve as > a company director or a trustee or on a public body. > Pensions should not be forfeited . > > 3. POST BANKRUPTCY > This is the most unsatisfactory stage. Discharge should be the END. > They can be lawfully hounded indefinitely by Trustees in Bankruptcy. > Fees must be regulated. Fees taken by insolvency practitioners leads > to a great injustice. > > General point: > 'Penalty clauses' dressed up as 'incentives' should be identified and > made unenforceable in English courts. > We should acknowledge that most bankrupts are honourable people. > > CORPORATE BANKRUPTCY > The consequences of corporate insolvency are usually completely > disproportionate to the indebtedness, and the bankruptcy has > extensive knock on effects in terms of unemployment and seizure of assets. > There should be strict rules on the way in which banks and other > substantial creditors can behave in a situation of corporate insolvency. > Those rules should require the bank to give the directors a substantial > notice of their intention to call in loan at facilities or guarantees and > that > there should be a court supervised process to enforce the banks and > creditors of the company to make a realistic assessment of the > company's prospects with a view to sharing the pain in advance of > bankruptcy and with the intention of maintaining the company as a going > concern rather than pulling the rug from under it . > > In sum, Christopher is in favour of restricting the ease with which > bankruptcies or company administration can be sought, preferably reducing > the time spent in bankruptcy (hard to see what is achieved by making it > last three years), requiring creditors to seek an alternative arrangement > to bankruptcy, and keeping pensions out the bankrupt estate. > The rights of a well funded institution like Lloyds to abuse > its powers need careful restriction with the new guidelines aimed at > preventing penalty clauses being dressed up as incentives. > There should be regulation of the fees of Insolvency Practitioners and that > if, > as a last resort someone is made bankrupt, his discharge should be an > end to the matter. > > The story that Christopher unfolded was of astonishingly poor law and of > ineptitude or fraud. Much needs to be changed. > The description of Lloyds as 'stupid gentlemen and sharp barrow boys' > seemed sadly apt to the story that we heard. > > It led to lengthy and detailed discussion which the Steering group will > take into its thinking about out-comes and their impact on the type of > Bill(s) > proposed. > > New books by Richard Douthwaite, 'The Illusion of Growth' and > 'The Ecology of Money' from Green books & the Schumacher Society; > and Bishop David Jenkins' 'Market Ways and Human Wherefores' > were recommended. > > Please send additional reflections to me before the next gathering. (see > above). > > I also like to have apologies that indicate continuing interest and support > even when attendance is not possible.. > > Other regular London meetings continuing the > debate are open to you and to others YOU invite:- > - The Global Cafe every Wednesday 11-1 > - The Clink Debtors prison meeting on > Thursday 9th December 6-8 - ask me for details of an unusual > venue. > > If you do not wish to be kept on the list for notes of these explorations, > please let me know. > > Peter > > > > > > > > > > > > ---------------------------------------------------------------- This is the Neither public email list, open for the public and general discussion. To unsubscribe click here Mailto:[EMAIL PROTECTED]?Subject=unsubscribe To subscribe click here Mailto:[EMAIL PROTECTED]?Subject=subscribe For information on [EMAIL PROTECTED] http://www.neither.org/lists/public-list.htm For archives http://www.mail-archive.com/[email protected]
