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Page 231

CHAPTER 20
WINDING UP BY THE COURT

The Official Receiver must take part in the examination, and the liquidator may take part. Evidence is given on oath and taken down in writing and signed by the person examined.
Where an officer of the company has been guilty of fraud in relation to the company the Court may, on the application of the official receiver, the liquidator, or any member or creditor of the company, make an order preventing that person from acting as director of a company for five years (s. 188).

Fraudulent Trading (s. 332).-If the company has been carrying on its business with intent to defraud its creditors or for any fraudulent purpose, any persons who were knowingly parties to the fraudulent trading may be made personally liable for the company's debts without any limitation of liability. This liability may be enforced by the Official Receiver, the liquidator or any creditor or contributory.
Trading is fraudulent if the company incurs debts without having any reasonable prospect of being able to pay them.(40)

Misfeasance Proceedings (s. 333).-If any promoter, past or present director, manager or liquidator, or any officer of the company has misapplied or retained or become liable or accountable for any money or property of the company, or been guilty of any misfeasance or breach of trust in relation to the company, the Court may, on the application of the Official Receiver, the liquidator or any creditor or contributory, order repayment with interest or contribution to the assets of such sum as the Court thinks just.
The section does not give any new cause of action; it merely gives a summary remedy. (41) It is not applicable to all cases in which the company has a right of action against an officer of the company.

" It is limited to cases where there has been something in the nature of a breach of duty by an officer of the company as such which has caused pecuniary loss to the company. Breach of duty of course would include a misfeasance or a breach of trust in the stricter sense, and the section will apply to a true case of misapplication of money or property of the company, or a case where there has been retention of money or property which the officer was bound to have paid or returned to the company."(42)

Instances of misfeasance are, the improper receipt by a director of his qualification shares from a promoter, the certifying by an auditor of erroneous accounts whereby dividends were paid out of capital, (43) the receipt by the secretary of a secret profit from the vendor to the

40 William C. Leitch Bros., Ltd., [1932] 2 Ch.. 71.
41 Coventry and Dixon's Case (1880), 14 Ch. D. 660.
42 Per Maugham, J., [1928] Ch. at p. 875.
43 Re Kingston Cotton Mill, [1896] 2 Ch. 279.

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where is HTML where is HEAD where is TITLE The Official Receiver must take part in what is examination, and what is liquidator may take part. Evidence is given on oath and taken down in writing and signed by what is person examined. Where an officer of what is company has been guilty of fraud in relation to what is company what is Court may, on what is application of what is official receiver, what is liquidator, or any member or creditor of what is company, make an order preventing that person from acting as director of a company for five years (s. 188). Fraudulent Trading (s. 332).-If what is company has been carrying on its business with intent to defraud its creditors or for any fraudulent purpose, any persons who were knowingly parties to what is fraudulent trading may be made personally liable for what is company's debts without any limitation of liability. This liability may be enforced by what is Official Receiver, what is liquidator or any creditor or contributory. Trading is fraudulent if what is company incurs debts without having any reasonable prospect of being able to pay them.(40) Misfeasance Proceedings (s. 333).-If any promoter, past or present director, manager or liquidator, or any officer of what is company has misapplied or retained or become liable or accountable for any money or property of what is company, or been guilty of any misfeasance or breach of trust in relation to what is company, what is Court may, on what is application of what is Official Receiver, what is liquidator or any creditor or contributory, order repayment with interest or contribution to what is assets of such sum as what is Court thinks just. what is section does not give any new cause of action; it merely gives a summary remedy. (41) It is not applicable to all cases in which what is company has a right of action against an officer of what is company. " It is limited to cases where there has been something in what is nature of a breach of duty by an officer of what is company as such which has caused pecuniary loss to what is company. Breach of duty of course would include a misfeasance or a breach of trust in what is stricter sense, and what is section will apply to a true case of misapplication of money or property of what is company, or a case where there has been retention of money or property which what is officer was bound to have paid or returned to what is company."(42) Instances of misfeasance are, what is improper receipt by a director of his qualification shares from a promoter, what is certifying by an auditor of erroneous accounts whereby dividends were paid out of capital, (43) what is receipt by what is secretary of a secret profit from what is vendor to what is 40 William C. Leitch Bros., Ltd., [1932] 2 Ch.. 71. 41 Coventry and Dixon's Case (1880), 14 Ch. D. 660. 42 Per Maugham, J., [1928] Ch. at p. 875. 43 Re Kingston Cotton Mill, [1896] 2 Ch. 279. 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 231 where is strong CHAPTER 20 WINDING UP BY what is COURT where is p align="justify" The Official Receiver must take part in what is examination, and what is liquidator may take part. Evidence is given on oath and taken down in writing and signed by what is person examined. Where an officer of what is company has been guilty of fraud in relation to what is company what is Court may, on what is application of what is official receiver, what is liquidator, or any member or creditor of what is company, make an order preventing that person from acting as director of a company for five years (s. 188). Fraudulent Trading (s. 332).-If what is company has been carrying on its business with intent to defraud its creditors or for any fraudulent purpose, any persons who were knowingly parties to what is fraudulent trading may be made personally liable for what is company's debts without any limitation of liability. This liability may be enforced by what is Official Receiver, what is liquidator or any creditor or contributory. Trading is fraudulent if what is company incurs debts without having any reasonable prospect of being able to pay them.(40) Misfeasance Proceedings (s. 333).-If any promoter, past or present director, manager or liquidator, or any officer of what is company has misapplied or retained or become liable or accountable for any money or property of what is company, or been guilty of any misfeasance or breach of trust in relation to what is company, what is Court may, on what is application of what is Official Receiver, what is liquidator or any creditor or contributory, order repayment with interest or contribution to what is assets of such sum as what is Court thinks just. what is section does not give any new cause of action; it merely gives a summary remedy. (41) It is not applicable to all cases in which what is company has a right of action against an officer of what is company. " It is limited to cases where there has been something in what is nature of a breach of duty by an officer of what is company as such which has caused pecuniary loss to what is company. Breach of duty of course would include a misfeasance or a breach of trust in what is stricter sense, and what is section will apply to a true case of misapplication of money or property of what is company, or a case where there has been retention of money or property which what is officer was bound to have paid or returned to what is company."(42) Instances of misfeasance are, what is improper receipt by a director of his qualification shares from a promoter, what is certifying by an auditor of erroneous accounts whereby dividends were paid out of capital, (43) what is receipt by what is secretary of a secret profit from what is vendor to what is 40 William C. Leitch Bros., Ltd., [1932] 2 Ch.. 71. 41 Coventry and Dixon's Case (1880), 14 Ch. D. 660. 42 Per Maugham, J., [1928] Ch. at p. 875. 43 Re Kingston Cotton Mill, [1896] 2 Ch. 279. where is Server.Execute("_SiteMap.asp") %

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