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Page 237

CHAPTER 21
CONTRIBUTORIES AND CREDITORS

may be made either before or after the insufficiency of the assets has been ascertained. They are made for an amount necessary to satisfy the debts and liabilities of the company and the costs of winding up, and in fixing the amount regard is had to the probability that all the calls will not be paid in full.
Procedure on making calls (rr. 84-88).-The liquidator summons a meeting of the committee of inspection by a seven days' notice stating the proposed amount of the call and the purpose for which it is intended. If the winding up is in the High Court, notice of the intended call and meeting is advertised in a London newspaper; in other cases, in a local newspaper. The advertisement must state that any contributory may attend the meeting and be heard or make a communication in writing with reference to the call. At the meeting any representations made by a contributory, either personally or in writing, must be heard. The sanction to the call is given by resolution passed by a majority of the members present.
If there is no committee of inspection the liquidator must obtain the leave of the Court. Even if the committee has refused its sanction, the Court may grant leave.(6) The application for leave is made by summons served four days before on every contributory proposed to be included in the call, but, if the Court directs, notice may instead be given by advertisement.
When the liquidator is authorised to make a call, he must file with the Registrar the document making the call. He must also serve on each contributory included in the call a copy of the resolution or order with a notice of the amount due from him.
Payment of the call is enforced by order of the Court made in chambers on summons by the liquidator.
A debt due from the company to a contributory cannot be set off against calls, whether made before or after the winding up (s. 259).(7) Set-off may be allowed in two cases:
1. When all the creditors are paid in full, any money due to a contributory from the company may be allowed by way of
set-off against a subsequent call (s. 259).
2. When the contributory is bankrupt. (8)
A contributory on the list may be ordered by the Court, at any time after the making of a winding-up order, to pay any money due from him to the company (s. 259). The Court can also order the arrest and seizure of the property of a contributory believed to be about to abscond or to remove his property with the object of evading payment of calls (s. 271).

CREDITORS
When an insolvent company is being wound up, the bankruptcy rules apply with regard to (a) the respective rights of secured and

6 Re North Eastern Insce. Co. (1915), 85 L. J. Ch. 751.
7 Grissell's Case (1866), L. R. 1 Ch. 528.
8 Re Duclrworth (1867), L. R. 2 Ch. 578.

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where is HTML where is HEAD where is TITLE may be made either before or after what is insufficiency of what is assets has been ascertained. They are made for an amount necessary to satisfy what is debts and liabilities of what is company and what is costs of winding up, and in fixing what is amount regard is had to what is probability that all what is calls will not be paid in full. Procedure on making calls (rr. 84-88).-The liquidator summons a meeting of what is committee of inspection by a seven days' notice stating what is proposed amount of what is call and what is purpose for which it is intended. If what is winding up is in what is High Court, notice of what is intended call and meeting is advertised in a London newspaper; in other cases, in a local newspaper. what is advertisement must state that any contributory may attend what is meeting and be heard or make a communication in writing with reference to what is call. At what is meeting any representations made by a contributory, either personally or in writing, must be heard. what is sanction to what is call is given by resolution passed by a majority of what is members present. If there is no committee of inspection what is liquidator must obtain what is leave of what is Court. Even if what is committee has refused its sanction, what is Court may grant leave.(6) what is application for leave is made by summons served four days before on every contributory proposed to be included in what is call, but, if what is Court directs, notice may instead be given by advertisement. When what is liquidator is authorised to make a call, he must file with what is Registrar what is document making what is call. He must also serve on each contributory included in what is call a copy of what is resolution or order with a notice of what is amount due from him. Payment of what is call is enforced by order of what is Court made in chambers on summons by what is liquidator. A debt due from what is company to a contributory cannot be set off against calls, whether made before or after what is winding up (s. 259).(7) Set-off may be allowed in two cases: 1. When all what is creditors are paid in full, any money due to a contributory from what is company may be allowed by way of set-off against a subsequent call (s. 259). 2. When what is contributory is bankrupt. (8) A contributory on what is list may be ordered by what is Court, at any time after what is making of a winding-up order, to pay any money due from him to what is company (s. 259). what is Court can also order what is arrest and seizure of what is property of a contributory believed to be about to abscond or to remove his property with what is object of evading payment of calls (s. 271). CREDITORS When an insolvent company is being wound up, what is bankruptcy rules apply with regard to (a) what is respective rights of secured and 6 Re North Eastern Insce. Co. (1915), 85 L. J. Ch. 751. 7 Grissell's Case (1866), L. R. 1 Ch. 528. 8 Re Duclrworth (1867), L. R. 2 Ch. 578. 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 237 where is strong CHAPTER 21 CONTRIBUTORIES AND CREDITORS where is p align="justify" may be made either before or after what is insufficiency of what is assets has been ascertained. They are made for an amount necessary to satisfy what is debts and liabilities of what is company and what is costs of winding up, and in fixing what is amount regard is had to what is probability that all what is calls will not be paid in full. Procedure on making calls (rr. 84-88).-The liquidator summons a meeting of what is committee of inspection by a seven days' notice stating what is proposed amount of what is call and what is purpose for which it is intended. If what is winding up is in what is High Court, notice of what is intended call and meeting is advertised in a London newspaper; in other cases, in a local newspaper. what is advertisement must state that any contributory may attend what is meeting and be heard or make a communication in writing with reference to what is call. At what is meeting any representations made by a contributory, either personally or in writing, must be heard. what is sanction to what is call is given by resolution passed by a majority of what is members present. If there is no committee of inspection what is liquidator must obtain what is leave of what is Court. Even if what is committee has refused its sanction, what is Court may grant leave.(6) what is application for leave is made by summons served four days before on every contributory proposed to be included in what is call, but, if what is Court directs, notice may instead be given by advertisement. When what is liquidator is authorised to make a call, he must file with what is Registrar what is document making what is call. He must also serve on each contributory included in what is call a copy of what is resolution or order with a notice of what is amount due from him. Payment of what is call is enforced by order of what is Court made in chambers on summons by what is liquidator. A debt due from what is company to a contributory cannot be set off against calls, whether made before or after what is winding up (s. 259).(7) Set-off may be allowed in two cases: 1. When all what is creditors are paid in full, any money due to a contributory from what is company may be allowed by way of set-off against a subsequent call (s. 259). 2. When what is contributory is bankrupt. (8) A contributory on what is list may be ordered by the Court, at any time after what is making of a winding-up order, to pay any money due from him to what is company (s. 259). what is Court can also order the arrest and seizure of what is property of a contributory believed to be about to abscond or to remove his property with what is object of evading payment of calls (s. 271). CREDITORS When an insolvent company is being wound up, what is bankruptcy rules apply with regard to (a) what is respective rights of secured and 6 Re North Eastern Insce. Co. (1915), 85 L. J. Ch. 751. 7 Grissell's Case (1866), L. R. 1 Ch. 528. 8 Re Duclrworth (1867), L. R. 2 Ch. 578. where is Server.Execute("_SiteMap.asp") %

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