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Page 232

CHAPTER 20
WINDING UP BY THE COURT

company (44) procuring the company to buy shares from a director at an over-value and making an unsecured loan to a company to enable the directors to pay calls. 15
Re Etic, Ltd., [1928] Ch. 861. A misfeasance summons was taken out by the liquidator against the secretary of a company for money taken by him as the expenses of a visit to America and for sums overdrawn on account of salary. The secretary claimed to have a set-off. Held, as this was a claim for a debt due from the secretary not involving any breach of duty, no order on the summons ought to be made.
No set-off is allowed to a claim for misfeasance. (46)
The Court has a discretion as to the amount to be ordered to be paid on a misfeasance summons.
Re Home and Colonial Insce. Co., Ltd., [1930] 1 Ch. 102. A liquidator negligently admitted a proof, as a result of which the company paid £38,000 in dividends to a creditor. An attempt to recover this failed, as there was no mistake of fact on the liquidator's part. Held, the liquidator was liable for misfeasance, but the Court, in the exercise of its discretion, only ordered him to pay such a sum as would enable the creditors to be paid in full with interest at 5 per cent.

Disclaimer (s. 323).-When any part of the company's property consists of
1. Land burdened with onerous covenants;
2. Shares or stock in companies;
3. Unprofitable contracts; or
4. Property that is unsaleable or not readily saleable, because it binds the owner to the performance of an onerous act or the payment of money;

the liquidator may, with the leave of the Courl, disclaim the property. The disclaimer must be made:
1. By leave of the Court.
2. In writing signed by the liquidator.
3. Within twelve months of the commencement of the winding up or such extension as the Court may grant.
4. If the liquidator was not aware of the property within one month of his appointment, within twelve months of his becoming aware of it, or such extended period as the Court may allow.
U-i an application by the liquidator for leave to disclaim, the Court will take into ooasideration the fact that the disclaimer may cause damage to interested parties.4 %

44 McKay's Case (1875), 2 Ch. D. 1.
45 Re V. G. M. Holdings, Ltd., [1942] Ch. 235.
46 Ex parte Pelly (1882), 21 Ch. D. 492.
47 Re Katherine et Cie, Ltd., [1932] 1 Ch. 70,

travel books:
where is HTML where is HEAD where is TITLE company (44) procuring what is company to buy shares from a director at an over-value and making an unsecured loan to a company to enable what is directors to pay calls. 15 Re Etic, Ltd., [1928] Ch. 861. A misfeasance summons was taken out by what is liquidator against what is secretary of a company for money taken by him as what is expenses of a what is to America and for sums overdrawn on account of salary. what is secretary claimed to have a set-off. Held, as this was a claim for a debt due from what is secretary not involving any breach of duty, no order on what is summons ought to be made. No set-off is allowed to a claim for misfeasance. (46) what is Court has a discretion as to what is amount to be ordered to be paid on a misfeasance summons. Re Home and Colonial Insce. Co., Ltd., [1930] 1 Ch. 102. A liquidator negligently admitted a proof, as a result of which what is company paid £38,000 in dividends to a creditor. An attempt to recover this failed, as there was no mistake of fact on what is liquidator's part. Held, what is liquidator was liable for misfeasance, but what is Court, in what is exercise of its discretion, only ordered him to pay such a sum as would enable what is creditors to be paid in full with interest at 5 per cent. Disclaimer (s. 323).-When any part of what is company's property consists of 1. Land burdened with onerous covenants; 2. Shares or stock in companies; 3. Unprofitable contracts; or 4. Property that is unsaleable or not readily saleable, because it binds what is owner to what is performance of an onerous act or what is payment of money; what is liquidator may, with what is leave of what is Courl, disclaim what is property. what is disclaimer must be made: 1. By leave of what is Court. 2. In writing signed by what is liquidator. 3. Within twelve months of what is commencement of what is winding up or such extension as what is Court may grant. 4. If what is liquidator was not aware of what is property within one month of his appointment, within twelve months of his becoming aware of it, or such extended period as what is Court may allow. U-i an application by what is liquidator for leave to disclaim, what is Court will take into ooasideration what is fact that what is disclaimer may cause damage to interested parties.4 % 44 McKay's Case (1875), 2 Ch. D. 1. 45 Re V. G. M. Holdings, Ltd., [1942] Ch. 235. 46 Ex parte Pelly (1882), 21 Ch. D. 492. 47 Re Katherine et Cie, Ltd., [1932] 1 Ch. 70, 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 232 where is strong CHAPTER 20 WINDING UP BY what is COURT where is p align="justify" company (44) procuring what is company to buy shares from a director at an over-value and making an unsecured loan to a company to enable what is directors to pay calls. 15 Re Etic, Ltd., [1928] Ch. 861. A misfeasance summons was taken out by what is liquidator against what is secretary of a company for money taken by him as what is expenses of a what is to America and for sums overdrawn on account of salary. what is secretary claimed to have a set-off. Held, as this was a claim for a debt due from what is secretary not involving any breach of duty, no order on what is summons ought to be made. No set-off is allowed to a claim for misfeasance. (46) what is Court has a discretion as to what is amount to be ordered to be paid on a misfeasance summons. Re Home and Colonial Insce. Co., Ltd., [1930] 1 Ch. 102. A liquidator negligently admitted a proof, as a result of which what is company paid £38,000 in dividends to a creditor. An attempt to recover this failed, as there was no mistake of fact on what is liquidator's part. Held, what is liquidator was liable for misfeasance, but the Court, in what is exercise of its discretion, only ordered him to pay such a sum as would enable what is creditors to be paid in full with interest at 5 per cent. Disclaimer (s. 323).-When any part of what is company's property consists of 1. Land burdened with onerous covenants; 2. Shares or stock in companies; 3. Unprofitable contracts; or 4. Property that is unsaleable or not readily saleable, because it binds what is owner to what is performance of an onerous act or the payment of money; what is liquidator may, with what is leave of what is Courl, disclaim what is property. what is disclaimer must be made: 1. By leave of what is Court. 2. In writing signed by what is liquidator. 3. Within twelve months of what is commencement of what is winding up or such extension as what is Court may grant. 4. If what is liquidator was not aware of what is property within one month of his appointment, within twelve months of his becoming aware of it, or such extended period as what is Court may allow. U-i an application by what is liquidator for leave to disclaim, the Court will take into ooasideration what is fact that what is disclaimer may cause damage to interested parties.4 % 44 McKay's Case (1875), 2 Ch. D. 1. 45 Re V. G. M. Holdings, Ltd., [1942] Ch. 235. 46 Ex parte Pelly (1882), 21 Ch. D. 492. 47 Re Katherine et Cie, Ltd., [1932] 1 Ch. 70, where is Server.Execute("_SiteMap.asp") %

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