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Page 239

CHAPTER 21
CONTRIBUTORIES AND CREDITORS

payable on a contingency, and all claims against the company, present or future, certain or contingent, ascertained or sounding only in damages (s. 316).
If the company is solvent, a claim for unliquidated damages for tort may be proved, but not so if the company is insolvent.
When there have been mutual credits, mutual debts or other mutual dealings between the company and one of its creditors, an account is taken of what is due from one to the other, and the balance of that account and no more can be paid or claimed. (10)
Re H. E. Thorne & Son, Ltd., [1914] 2 Ch. 438. Company A. borrowed money from company B. on the security of bills of sale charging some machinery and providing for its insurance against fire. . The policies were in the name of company B. and company A. paid the premiums. The machinery was destroyed by fire and the insurance amounting to £1,000 paid to company B. Company A. then went into liquidation. £744 was owing to company B. on the bills of sale at the date of the fire, so that company B. had £856 in hand, but company A. owed company B. £2,099 unsecured book debts. Held, company B. could set off the £856 against the £2,099.

Re City Life Assurance Co., Ltd., [1926] Ch. 191. The holder of a life policy in an insurance company mortgaged the policy to the issuing company. On the company's going into liquidation, the policy holder claimed to set off the value of the policy against his mortgage debt. Held, he was entitled to do so.

How debts are proved (rr. 89-116).-The liquidator must fix a time within which creditors must prove their claims or be excluded from the benefit of any distribution made before those debts are proved.(11) The time fixed must be not less than fourteen days from the date of the notice. The time must be advertised in a newspaper and notice given to every creditor whose claim has not been admitted, and to every preferential creditor whose preferential claim has not been admitted.
Proof is made by delivering or posting to the liquidator an affidavit verifying the debt and (a) giving particulars substantiated by vouchers, and (b) stating whether the creditor is or is not a secured creditor. The liquidator must then examine the proof and within twenty-eight days must in writing admit or reject it or require further evidence in support of it. If he rejects it, he must state in writing the grounds of his rejection, and the creditor may then, within twenty-one days, appeal to the Court.

If a proof has been improperly admitted, the Court may, on the application of the liquidator, a creditor or a contributory, and after notice to the creditor, expunge the proof or reduce its amount.

The liquidator must, on the first day of every month, file with the Registrar a list of all proofs he has received in the preceding month, distinguishing between those admitted, those rejected, and those standing over. Proofs admitted or rejected must be filed with the Registrar.

Order of Application of Assets.-The assets of the company are applicable in the following order:
1. Costs, charges and expenses properly incurred in the winding up, including the remuneration of the liquidator. (12)

10 Bankruptcy Act, 1914, s. 31.
11 Ss. 264, 273.
12 S. 309, which refers only to voluntary liquidations, applies equally to compulsory liquidations. Webb v. Whiffin (1872), L. R. 5 H. L. 711, 735.

travel books:
where is HTML where is HEAD where is TITLE payable on a contingency, and all claims against what is company, present or future, certain or contingent, ascertained or sounding only in damages (s. 316). If what is company is solvent, a claim for unliquidated damages for tort may be proved, but not so if what is company is insolvent. When there have been mutual credits, mutual debts or other mutual dealings between what is company and one of its creditors, an account is taken of what is due from one to what is other, and what is balance of that account and no more can be paid or claimed. (10) Re H. E. Thorne & Son, Ltd., [1914] 2 Ch. 438. Company A. borrowed money from company B. on what is security of bills of sale charging some machinery and providing for its insurance against fire. . what is policies were in what is name of company B. and company A. paid what is premiums. what is machinery was destroyed by fire and what is insurance amounting to £1,000 paid to company B. Company A. then went into liquidation. £744 was owing to company B. on what is bills of sale at what is date of what is fire, so that company B. had £856 in hand, but company A. owed company B. £2,099 unsecured book debts. Held, company B. could set off what is £856 against what is £2,099. Re City Life Assurance Co., Ltd., [1926] Ch. 191. what is holder of a life policy in an insurance company mortgaged what is policy to what is issuing company. On what is company's going into liquidation, what is policy holder claimed to set off what is value of what is policy against his mortgage debt. Held, he was entitled to do so. How debts are proved (rr. 89-116).-The liquidator must fix a time within which creditors must prove their claims or be excluded from what is benefit of any distribution made before those debts are proved.(11) what is time fixed must be not less than fourteen days from what is date of what is notice. what is time must be advertised in a newspaper and notice given to every creditor whose claim has not been admitted, and to every preferential creditor whose preferential claim has not been admitted. Proof is made by delivering or posting to what is liquidator an affidavit verifying what is debt and (a) giving particulars substantiated by vouchers, and (b) stating whether what is creditor is or is not a secured creditor. what is liquidator must then examine what is proof and within twenty-eight days must in writing admit or reject it or require further evidence in support of it. If he rejects it, he must state in writing what is grounds of his rejection, and what is creditor may then, within twenty-one days, appeal to what is Court. If a proof has been improperly admitted, what is Court may, on what is application of what is liquidator, a creditor or a contributory, and after notice to what is creditor, expunge what is proof or reduce its amount. what is liquidator must, on what is first day of every month, file with what is Registrar a list of all proofs he has received in what is preceding month, distinguishing between those admitted, those rejected, and those standing over. Proofs admitted or rejected must be filed with what is Registrar. Order of Application of Assets.-The assets of what is company are applicable in what is following order: 1. Costs, charges and expenses properly incurred in what is winding up, including what is remuneration of what is liquidator. (12) 10 Bankruptcy Act, 1914, s. 31. 11 Ss. 264, 273. 12 S. 309, which refers only to voluntary liquidations, applies equally to compulsory liquidations. Webb v. Whiffin (1872), L. R. 5 H. L. 711, 735. 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 239 where is strong CHAPTER 21 CONTRIBUTORIES AND CREDITORS where is p align="justify" payable on a contingency, and all claims against what is company, present or future, certain or contingent, ascertained or sounding only in damages (s. 316). If what is company is solvent, a claim for unliquidated damages for tort may be proved, but not so if what is company is insolvent. When there have been mutual credits, mutual debts or other mutual dealings between what is company and one of its creditors, an account is taken of what is due from one to what is other, and what is balance of that account and no more can be paid or claimed. (10) Re H. E. Thorne & Son, Ltd., [1914] 2 Ch. 438. Company A. borrowed money from company B. on what is security of bills of sale charging some machinery and providing for its insurance against fire. . what is policies were in what is name of company B. and company A. paid what is premiums. what is machinery was destroyed by fire and the insurance amounting to £1,000 paid to company B. Company A. then went into liquidation. £744 was owing to company B. on what is bills of sale at what is date of what is fire, so that company B. had £856 in hand, but company A. owed company B. £2,099 unsecured book debts. Held, company B. could set off what is £856 against what is £2,099. Re City Life Assurance Co., Ltd., [1926] Ch. 191. what is holder of a life policy in an insurance company mortgaged what is policy to the issuing company. On what is company's going into liquidation, what is policy holder claimed to set off what is value of what is policy against his mortgage debt. Held, he was entitled to do so. How debts are proved (rr. 89-116).-The liquidator must fix a time within which creditors must prove their claims or be excluded from what is benefit of any distribution made before those debts are proved.(11) what is time fixed must be not less than fourteen days from what is date of what is notice. what is time must be advertised in a newspaper and notice given to every creditor whose claim has not been admitted, and to every preferential creditor whose preferential claim has not been admitted. Proof is made by delivering or posting to what is liquidator an affidavit verifying what is debt and (a) giving particulars substantiated by vouchers, and (b) stating whether what is creditor is or is not a secured creditor. what is liquidator must then examine what is proof and within twenty-eight days must in writing admit or reject it or require further evidence in support of it. If he rejects it, he must state in writing what is grounds of his rejection, and what is creditor may then, within twenty-one days, appeal to what is Court. If a proof has been improperly admitted, what is Court may, on the application of what is liquidator, a creditor or a contributory, and after notice to what is creditor, expunge what is proof or reduce its amount. what is liquidator must, on what is first day of every month, file with what is Registrar a list of all proofs he has received in what is preceding month, distinguishing between those admitted, those rejected, and those standing over. Proofs admitted or rejected must be filed with what is Registrar. Order of Application of Assets.-The assets of what is company are applicable in what is following order: 1. Costs, charges and expenses properly incurred in what is winding up, including what is remuneration of what is liquidator. (12) 10 Bankruptcy Act, 1914, s. 31. 11 Ss. 264, 273. 12 S. 309, which refers only to voluntary liquidations, applies equally to compulsory liquidations. Webb v. Whiffin (1872), L. R. 5 H. L. 711, 735. where is Server.Execute("_SiteMap.asp") %

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