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Page 219

CHAPTER 20
WINDING UP BY THE COURT

1. Where the substratum of the company has gone.
Re Bleriot Aircraft Co. (1916), 32 T. L. R. 253. A company was formed to acquire the English portion of the aircraft business of M. Bleriot, a well-known airman. 14I. 1316riot refused to carry out the contract. Held, the company should be wound up because its substratum had gone.

2. Where there is a deadlock in the management of the company.
He Yenidje Tobacco Co., Ltd., [1916] 2 Ch. 426. W. and R. were the sole shareholders in a company, with equal rights of management and voting power. After a time they became bitterly hostile to one another and disagreed about the appointment of important servants of the company. All communications between them were made through the secretary. The company made large profits in spite of the disagreement. Held, there was a complete deadlock in the management and the company should be wound up.

3. When the company has been formed to carry on a fraudulent or an illegal business.
Re Thomas Edward Brinsmead & Sons, [1897] 1 Ch. 45, 406. T. E. B. and his sons were employed by J. B. & Sons in the business of piano manufacturers. They left J. B. & Sons and formed a company called T. E. B. & Sons, Ltd., for carrying on the same business. A prospectus was issued and money subscribed by the public. J. B. & Sons obtained an injunction restraining the company from using the name B. Numerous actions were brought against the company for fraud in the prospectus. Held, the company should be wound up.

Fraud in the prospectus or fraud in the carrying on of the company are not, by themselves, grounds for winding the company up, as there may be a change of management; but fraud in the real, though not the ostensible, object of the company will be such a ground.
A company formed to carry on a business which infringes the Lottery Acts will be wound up. (9)

4. In the case of a private company, where there has been mismanagement or misapplication of funds by the directors.
Loch v. John Black-wood, Ltd., [1924] A. C. 783. A company was formed to carry on the testator's business and to divide the profits among his family. The managing director, who had a preponderating voting power, omitted to hold meetings, submit accounts or recommend dividends, and laid himself open to the suspicion that his object in so doing was to acquire the shares at an undervalue. Held, the company should be wound up.

5. If the company is a" bubble," i.e., if it never had any business to carry on. (10)
6. Where the company is insolvent and is being carried on for he benefit of the debenture holders. (11) In such a case the

9 Re International Securities Corpn. (1908), 24 T. L. R. 837; 25 T. L. R. 31.
10 Re London and County Coal Co. (1866), L. R. 3 Eq. 355.
11 Re Clandown Colliery Co., [1915] 1 Ch. 369.

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where is HTML where is HEAD where is TITLE 1. Where what is substratum of what is company has gone. Re Bleriot Aircraft Co. (1916), 32 T. L. R. 253. A company was formed to acquire what is English portion of what is aircraft business of M. Bleriot, a well-known airman. 14I. 1316riot refused to carry out what is contract. Held, what is company should be wound up because its substratum had gone. 2. Where there is a deadlock in what is management of what is company. He Yenidje Tobacco Co., Ltd., [1916] 2 Ch. 426. W. and R. were what is sole shareholders in a company, with equal rights of management and voting power. After a time they became bitterly hostile to one another and disagreed about what is appointment of important servants of what is company. All communications between them were made through what is secretary. what is company made large profits in spite of what is disagreement. Held, there was a complete deadlock in what is management and what is company should be wound up. 3. When what is company has been formed to carry on a fraudulent or an illegal business. Re Thomas Edward Brinsmead & Sons, [1897] 1 Ch. 45, 406. T. E. B. and his sons were employed by J. B. & Sons in what is business of piano manufacturers. They left J. B. & Sons and formed a company called T. E. B. & Sons, Ltd., for carrying on what is same business. A prospectus was issued and money subscribed by what is public. J. B. & Sons obtained an injunction restraining what is company from using what is name B. Numerous actions were brought against what is company for fraud in what is prospectus. Held, what is company should be wound up. Fraud in what is prospectus or fraud in what is carrying on of what is company are not, by themselves, grounds for winding what is company up, as there may be a change of management; but fraud in what is real, though not what is ostensible, object of what is company will be such a ground. A company formed to carry on a business which infringes what is Lottery Acts will be wound up. (9) 4. In what is case of a private company, where there has been mismanagement or misapplication of funds by what is directors. Loch v. John Black-wood, Ltd., [1924] A. C. 783. A company was formed to carry on what is testator's business and to divide what is profits among his family. what is managing director, who had a preponderating voting power, omitted to hold meetings, submit accounts or recommend dividends, and laid himself open to what is suspicion that his object in so doing was to acquire what is shares at an undervalue. Held, what is company should be wound up. 5. If what is company is a" bubble," i.e., if it never had any business to carry on. (10) 6. Where what is company is insolvent and is being carried on for he benefit of what is debenture holders. (11) In such a case what is 9 Re International Securities Corpn. (1908), 24 T. L. R. 837; 25 T. L. R. 31. 10 Re London and County Coal Co. (1866), L. R. 3 Eq. 355. 11 Re Clandown Colliery Co., [1915] 1 Ch. 369. 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 219 where is strong CHAPTER 20 WINDING UP BY what is COURT where is p align="justify" 1. Where what is substratum of what is company has gone. Re Bleriot Aircraft Co. (1916), 32 T. L. R. 253. A company was formed to acquire what is English portion of what is aircraft business of M. Bleriot, a well-known airman. 14I. 1316riot refused to carry out what is contract. Held, what is company should be wound up because its substratum had gone. 2. Where there is a deadlock in what is management of what is company. He Yenidje Tobacco Co., Ltd., [1916] 2 Ch. 426. W. and R. were what is sole shareholders in a company, with equal rights of management and voting power. After a time they became bitterly hostile to one another and disagreed about what is appointment of important servants of what is company. All communications between them were made through what is secretary. what is company made large profits in spite of what is disagreement. Held, there was a complete deadlock in what is management and what is company should be wound up. 3. When what is company has been formed to carry on a fraudulent or an illegal business. Re Thomas Edward Brinsmead & Sons, [1897] 1 Ch. 45, 406. T. E. B. and his sons were employed by J. B. & Sons in what is business of piano manufacturers. They left J. B. & Sons and formed a company called T. E. B. & Sons, Ltd., for carrying on what is same business. A prospectus was issued and money subscribed by what is public. J. B. & Sons obtained an injunction restraining what is company from using what is name B. Numerous actions were brought against the company for fraud in what is prospectus. Held, what is company should be wound up. Fraud in what is prospectus or fraud in what is carrying on of what is company are not, by themselves, grounds for winding what is company up, as there may be a change of management; but fraud in what is real, though not what is ostensible, object of what is company will be such a ground. A company formed to carry on a business which infringes what is Lottery Acts will be wound up. (9) 4. In what is case of a private company, where there has been mismanagement or misapplication of funds by what is directors. Loch v. John Black-wood, Ltd., [1924] A. C. 783. A company was formed to carry on what is testator's business and to divide what is profits among his family. what is managing director, who had a preponderating voting power, omitted to hold meetings, submit accounts or recommend dividends, and laid himself open to what is suspicion that his object in so doing was to acquire what is shares at an undervalue. Held, the company should be wound up. 5. If what is company is a" bubble," i.e., if it never had any business to carry on. (10) 6. Where what is company is insolvent and is being carried on for he benefit of what is debenture holders. (11) In such a case what is 9 Re International Securities Corpn. (1908), 24 T. L. R. 837; 25 T. L. R. 31. 10 Re London and County Coal Co. (1866), L. R. 3 Eq. 355. 11 Re Clandown Colliery Co., [1915] 1 Ch. 369. where is Server.Execute("_SiteMap.asp") %

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