VPRS 16757 Register of Stay Orders

This volume records Stay Orders on loans issued by the Farmers' Debt Adjustment Board. These orders were a temporary suspension of the debt whilst the Board resolved a payment solution for both the farmer and his creditors.The register documented the issuing of Stay Orders by the Farmers' Debt Adjustment Board and the eventual cancellation of these orders once the process of repayment had been resolved. The repayment options could include the cancellation of Crown debt and consolidating the farmer's debts to pay creditors. This process could be finalised in months or take several years (see explanation of processes in BACKGROUND INFORMATION).This Register represents the Farmers' Debt Adjustment Board from its first meeting in 1936 to the final stay orders issued in December 1949. This Board was succeeded by the Rural Finance Corporation in 1950.This register recorded the following information:- S. O. No. - Stay Order Numbers 1 to 4445,- Name - family name and given name(s)- Address,- Date - application for a Stay Order submitted to the Conciliation Officer,- Confirmation - date the Board confirmed Conciliation officer's plan for the farmer's debt adjustment,- Cancellation - date the Stay Orders were cancelled after the debt had been resolved or paid out,- Remarks - in each column "Confirmed after 1st meeting" etc. and in some cases also included the comment "No Cash".BACKGROUND INFORMATION ON THE FARMER"S DEBT ADJUSTMENT BOARD AND THE ISSUING OF STAY ORDERSThe Farmers' Debts Adjustment Board was constituted under Section 2 (1) of the Farmers Debts Adjustment Act 1935 (No. 4326).The Farmers' Debts Adjustment Board was the successor to the Farmers Relief Board (VA 2267). With the passing of the Rural Finance Corporation Act 1949 (No. 5414), the Farmers' Debts Adjustment Board was dissolved on 26 April 1950 and succeeded by the Rural Finance Corporation (VA 2272).The Farmers' Debts Adjustment Board was responsible for the administration of the Farmers Relief Acts. This included Part II of the Unemployed Occupiers and Farmers Relief Act 1931 (No. 3962), subsequent Farmers Relief legislation, and the Farmers Debts Adjustment Act 1935. The Board was later also responsible for the administration of the Farmers Protection Act 1940 (No. 4737) and the Farmers Protection Act 1941 (No. 4877).In 1935 the Commonwealth allocated 10 million to the States for the purpose of adjusting debts of farmers who were in financial difficulty as a result of adverse seasonal and economic conditions. The Farmers Debts Adjustment Act was developed to manage plans of debt adjustment using the 2.3 million of Commonwealth funds allocated to Victoria.The Farmers Debts Adjustment Act did not repeal all of the provisions of the previous Farmers Relief Acts. However, farmers applying for protection under the Farmers Debts Adjustment Act were ineligible to apply for protection under the earlier Acts. Any existing Protection Certificates were cancelled when a farmer was issued a Stay Order under the 1935 Act. It is not clear whether farmers continued to apply for protection under the earlier Farmers Relief Acts once the Farmers Debts Adjustment Act was proclaimed.Under Section 12 of the Farmers Debts Adjustment Act, farmers were able to apply for an adjustment of debts to a local Conciliation Officer. These officers were under the control and direction of the Board, and were charged with the local administration of the Act. On receipt of an application, the officer issued a Stay Order that protected the farmer from any action, execution or proceeding in respect of any debt of the farmer. The Conciliation Officer was responsible for working with the farmer and the farmer's creditors to develop a plan of debt adjustment, taking into account the farmer's prospects and the interests of all parties concerned. The Conciliation Officer submitted the plan to the Board for confirmation or refusal. Stay Orders stayed in place until cancelled by the Board.It appears that once a plan of debt adjustment was approved, the Board took over the responsibility for managing the case. Throughout the period of the stay order or plan, the farmer was required to supply to the Board information on receipts and expenditure, and was required to seek the Board's approval in the disposal of assets including property. A plan of debt adjustment could include the cancellation of Crown debt, or the Board consolidating the farmer's debts and paying creditors. Any monies paid by the Board on farmer's behalf were repayable by the farmer over a lengthy term and could be secured by a mortgage on the farmer's property.