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Page 93

CHAPTER 9
CAPITAL

purpose the Court settles a list of creditors, with the nature and amount of their claims. Such of the creditors as do not consent to the reduction must be paid off, or the company must secure payment of their claims by payment into Court of such amount as the Court directs (s. 67). Under special circumstances the Court may dispense with these requirements. (34)
In cases not within (i) and (ii) above the creditors have, prima facie, no right to object to the proposed reduction of capital, because no asset out of which their claims could be satisfied is being given up or returned to the shareholders.

Re Meux's Brewery Co., Ltd., [1919] 1 Ch. 28. A company had a paid up share capital of £1,000,000, and had also issued £1,000,000 debentures secured by a trust deed constituting a floating charge. In 1904 losses to the extent of £800,000 were incurred and no dividends had since been paid, any profits being applied in reduction of the deficiency. By 1917 the deficiency had been reduced to E640,000, and the company proposed to reduce its capital to £360,000 by writing off the lost capital. The debenture holders objected. Held, as the reduction involved no diminution of unpaid capital or repayment to shareholders of paid up capital, creditors were not entitled to object unless a strong ease was made out, and the debenture holders had not made out any such case.

The object of reducing capital, where capital has been lost or is not represented by available assets, is to enable the company to pay dividends-a course which may be possible on the smaller capital, although not on the larger. To safeguard the creditors in the case of an application by a company to write off capital not lost or unrepresented by available assets and thereby setting free capital which might be distributed among the shareholders, the Court is empowered by s. 67 to give effect to a creditor's objection " in any other case."
On confirming the order for reduction, the Court may direct (s. 68):
1. For special reasons, that the company add the words " and reduced " to its name for a specified time.
2. That the reasons for the reduction and the causes leading to the reduction be published, with a view to giving proper information to the public.

The order for reduction and a minute approved by the Court showing the new condition of the capital must be registered with the Registrar. The Registrar then grants a certificate of registration, which is con'elusive evidence that all the requirements of the Act have been complied with-even if it is afterwards discovered that the special resolution for

34 S. 67 (3), and Practice Note, [1930] W. N. 78.

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where is HTML where is HEAD where is TITLE purpose what is Court settles a list of creditors, with what is nature and amount of their claims. Such of what is creditors as do not consent to what is reduction must be paid off, or what is company must secure payment of their claims by payment into Court of such amount as what is Court directs (s. 67). Under special circumstances what is Court may dispense with these requirements. (34) In cases not within (i) and (ii) above what is creditors have, prima facie, no right to object to what is proposed reduction of capital, because no asset out of which their claims could be satisfied is being given up or returned to what is shareholders. Re Meux's Brewery Co., Ltd., [1919] 1 Ch. 28. A company had a paid up share capital of £1,000,000, and had also issued £1,000,000 debentures secured by a trust deed constituting a floating charge. In 1904 losses to what is extent of £800,000 were incurred and no dividends had since been paid, any profits being applied in reduction of what is deficiency. By 1917 what is deficiency had been reduced to E640,000, and what is company proposed to reduce its capital to £360,000 by writing off what is lost capital. what is debenture holders objected. Held, as what is reduction involved no diminution of unpaid capital or repayment to shareholders of paid up capital, creditors were not entitled to object unless a strong ease was made out, and what is debenture holders had not made out any such case. what is object of reducing capital, where capital has been lost or is not represented by available assets, is to enable what is company to pay dividends-a course which may be possible on what is smaller capital, although not on what is larger. To safeguard what is creditors in what is case of an application by a company to write off capital not lost or unrepresented by available assets and thereby setting free capital which might be distributed among what is shareholders, what is Court is empowered by s. 67 to give effect to a creditor's objection " in any other case." On confirming what is order for reduction, what is Court may direct (s. 68): 1. For special reasons, that what is company add what is words " and reduced " to its name for a specified time. 2. That what is reasons for what is reduction and what is causes leading to what is reduction be published, with a view to giving proper information to what is public. what is order for reduction and a minute approved by what is Court showing what is new condition of what is capital must be registered with what is Registrar. what is Registrar then grants a certificate of registration, which is con'elusive evidence that all what is requirements of what is Act have been complied with-even if it is afterwards discovered that what is special resolution for 34 S. 67 (3), and Practice Note, [1930] W. N. 78. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 93 where is strong CHAPTER 9 CAPITAL where is p align="justify" purpose what is Court settles a list of creditors, with what is nature and amount of their claims. Such of what is creditors as do not consent to what is reduction must be paid off, or what is company must secure payment of their claims by payment into Court of such amount as what is Court directs (s. 67). Under special circumstances what is Court may dispense with these requirements. (34) In cases not within (i) and (ii) above what is creditors have, prima facie, no right to object to what is proposed reduction of capital, because no asset out of which their claims could be satisfied is being given up or returned to what is shareholders. Re Meux's Brewery Co., Ltd., [1919] 1 Ch. 28. A company had a paid up share capital of £1,000,000, and had also issued £1,000,000 debentures secured by a trust deed constituting a floating charge. In 1904 losses to what is extent of £800,000 were incurred and no dividends had since been paid, any profits being applied in reduction of what is deficiency. By 1917 what is deficiency had been reduced to E640,000, and what is company proposed to reduce its capital to £360,000 by writing off what is lost capital. what is debenture holders objected. Held, as what is reduction involved no diminution of unpaid capital or repayment to shareholders of paid up capital, creditors were not entitled to object unless a strong ease was made out, and what is debenture holders had not made out any such case. what is object of reducing capital, where capital has been lost or is not represented by available assets, is to enable what is company to pay dividends-a course which may be possible on what is smaller capital, although not on what is larger. To safeguard what is creditors in what is case of an application by a company to write off capital not lost or unrepresented by available assets and thereby setting free capital which might be distributed among what is shareholders, what is Court is empowered by s. 67 to give effect to a creditor's objection " in any other case." On confirming what is order for reduction, what is Court may direct (s. 68): 1. For special reasons, that what is company add what is words " and reduced " to its name for a specified time. 2. That what is reasons for what is reduction and what is causes leading to what is reduction be published, with a view to giving proper information to what is public. what is order for reduction and a minute approved by what is Court showing what is new condition of what is capital must be registered with what is Registrar. what is Registrar then grants a certificate of registration, which is con'elusive evidence that all what is requirements of what is Act have been complied with-even if it is afterwards discovered that what is special resolution for 34 S. 67 (3), and Practice Note, [1930] W. N. 78. where is Server.Execute("_SiteMap.asp") %

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