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Page 226

CHAPTER 20
WINDING UP BY THE COURT

Re Park, Ward & Co., Ltd., [1926] Ch. 828. Between the date of the presentation of the petition and the making of a winding-up order, X. advanced £1,200 to the company to enable it to pay wages due to the staff, and took a debenture as security. X. knew, at the time of the issue of the debenture, of the presentation of the petition. Held, the debenture was valid.

After the presentation of a petition, property may safely be transferred or payments made to the company, (31) but payments made by the company in respect of debts previously incurred must be refunded by the recipient. (32)
2. No action can be proceeded with or commenced against the company except by leave of the Court (s. 231).
3. No attachment, sequestration, distress or execution can be put in force against the estate or effects of the company (s. 228).
4. All the powers of the directors cease. (33)
5. The servants of the company are ipso facto dismissed. (34)
On a winding-up order being made, the Official Receiver by virtue of his office becomes provisional liquidator, and he continues to act until another liquidator is appointed (s. 239).
Special Manager (s. 263).-When the Official Receiver becomes the liquidator, whether provisionally or otherwise, he may apply to the Court for the appointment of a special manager if the nature of the company's business or the interests of the creditors or contributories require it. The Court can appoint the special manager with such powers as it thinks fit.
A special manager is appointed in almost all cases where the business of the company is to be carried on pending the appointment of a liquidator.
The special manager must give security to the satisfaction of the Board of Trade. His remuneration is fixed by the Court.
Statement of Affairs (s. 235).-Within fourteen days of the appointment of a provisional liquidator or of the date of the winding-up order, a statement of the affairs of the company must be delivered to the Official Receiver. This statement must be in the prescribed form and verified by affidavit, and show particulars of the assets, debts and

31 Mersey Steel Co. v. Naylor (1882), 9 Q. B. D. 648; 9 App. Cas. 434.
32 Re Civil Service and General Store (1888), 57 L. J. Ch. 119.
33 Foswler v. Broad's Night Light Co., [1893] 1 Ch. 724; Buckley (11th ed.), p. 481.
34 CLrl+nea7s's Case (1866), L. R. 1 Eq. 346.

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where is HTML where is HEAD where is TITLE Re Park, Ward & Co., Ltd., [1926] Ch. 828. Between what is date of what is presentation of what is petition and what is making of a winding-up order, X. advanced £1,200 to what is company to enable it to pay wages due to what is staff, and took a debenture as security. X. knew, at what is time of what is issue of what is debenture, of what is presentation of what is petition. Held, what is debenture was valid. After what is presentation of a petition, property may safely be transferred or payments made to what is company, (31) but payments made by what is company in respect of debts previously incurred must be refunded by what is recipient. (32) 2. No action can be proceeded with or commenced against what is company except by leave of what is Court (s. 231). 3. No attachment, sequestration, distress or execution can be put in force against what is estate or effects of what is company (s. 228). 4. All what is powers of what is directors cease. (33) 5. what is servants of what is company are ipso facto dismissed. (34) On a winding-up order being made, what is Official Receiver by virtue of his office becomes provisional liquidator, and he continues to act until another liquidator is appointed (s. 239). Special Manager (s. 263).-When what is Official Receiver becomes what is liquidator, whether provisionally or otherwise, he may apply to what is Court for what is appointment of a special manager if what is nature of what is company's business or what is interests of what is creditors or contributories require it. what is Court can appoint what is special manager with such powers as it thinks fit. A special manager is appointed in almost all cases where what is business of what is company is to be carried on pending what is appointment of a liquidator. what is special manager must give security to what is satisfaction of what is Board of Trade. His remuneration is fixed by what is Court. Statement of Affairs (s. 235).-Within fourteen days of what is appointment of a provisional liquidator or of what is date of what is winding-up order, a statement of what is affairs of what is company must be delivered to what is Official Receiver. This statement must be in what is prescribed form and verified by affidavit, and show particulars of what is assets, debts and 31 Mersey Steel Co. v. Naylor (1882), 9 Q. B. D. 648; 9 App. Cas. 434. 32 Re Civil Service and General Store (1888), 57 L. J. Ch. 119. 33 Foswler v. Broad's Night Light Co., [1893] 1 Ch. 724; Buckley (11th ed.), p. 481. 34 CLrl+nea7s's Case (1866), L. R. 1 Eq. 346. 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 226 where is strong CHAPTER 20 WINDING UP BY what is COURT where is p align="justify" Re Park, Ward & Co., Ltd., [1926] Ch. 828. Between what is date of what is presentation of what is petition and what is making of a winding-up order, X. advanced £1,200 to what is company to enable it to pay wages due to what is staff, and took a debenture as security. X. knew, at what is time of what is issue of what is debenture, of what is presentation of what is petition. Held, what is debenture was valid. After what is presentation of a petition, property may safely be transferred or payments made to what is company, (31) but payments made by the company in respect of debts previously incurred must be refunded by what is recipient. (32) 2. No action can be proceeded with or commenced against what is company except by leave of what is Court (s. 231). 3. No attachment, sequestration, distress or execution can be put in force against what is estate or effects of what is company (s. 228). 4. All what is powers of what is directors cease. (33) 5. what is servants of what is company are ipso facto dismissed. (34) On a winding-up order being made, what is Official Receiver by virtue of his office becomes provisional liquidator, and he continues to act until another liquidator is appointed (s. 239). Special Manager (s. 263).-When what is Official Receiver becomes the liquidator, whether provisionally or otherwise, he may apply to what is Court for what is appointment of a special manager if what is nature of what is company's business or what is interests of what is creditors or contributories require it. what is Court can appoint what is special manager with such powers as it thinks fit. A special manager is appointed in almost all cases where what is business of what is company is to be carried on pending what is appointment of a liquidator. what is special manager must give security to what is satisfaction of the Board of Trade. His remuneration is fixed by what is Court. Statement of Affairs (s. 235).-Within fourteen days of what is appointment of a provisional liquidator or of what is date of what is winding-up order, a statement of what is affairs of what is company must be delivered to what is Official Receiver. This statement must be in what is prescribed form and verified by affidavit, and show particulars of what is assets, debts and 31 Mersey Steel Co. v. Naylor (1882), 9 Q. B. D. 648; 9 App. Cas. 434. 32 Re Civil Service and General Store (1888), 57 L. J. Ch. 119. 33 Foswler v. Broad's Night Light Co., [1893] 1 Ch. 724; Buckley (11th ed.), p. 481. 34 CLrl+nea7s's Case (1866), L. R. 1 Eq. 346. where is Server.Execute("_SiteMap.asp") %

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