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Page 244

CHAPTER 22
COMPLETION OF THE WINDING UP

Resignation.-A liquidator may resign before the completion of the liquidation (s. 242).

Resignation is effected by summoning meetings of the creditors and contributories to receive the resignation. If both meetings, by resolution, agree to accept the resignation, the liquidator files a memorandum with the Registrar and gives notice to the Official Receiver, and his resignation thereupon becomes effective. If either of the meetings do not accept the resignation the liquidator reports to the Court the result of the meetings, and the Court decides whether or not the resignation shall be accepted (r. 165).

Removal.-A liquidator may, on cause shown, be removed by the Court (s. 242). Grounds on which a liquidator may be removed are, personal unfitness, insanity, (2) prosecuting a claim against the wishes of a majority of the creditors, (3) or unwillingness to prosecute a claim against directors with whom he was intimate.(4)

" The words ` on cause shown ' have not quite the effect of ` if the Court shall think fit.' Jessel, M.R., said in Sir John Moore Mining Co.,(4) 'they point to some unfitnesa of the person-it may be from personal character, or from his connection with other parties, or from circumstances in which he is mixed up-some unfitness in a wide sense of the term.' But, as pointed out by the Court of Appeal in In re Adam Eyton, Ltd., (5) this definition was not intended to be exhaustive, and if the Court is satisfied on the evidence that it is desirable in the interests of all those interested in the assets that a particular person shall not manage the assets, the Court has power to remol e him, without there being shown any personal misconduct or unfitness." (6)
A vacancy in the office of liquidator is filled by the Court. A liquidator's acts are valid notwithstanding any defects which may afterwards be discovered in his appointment or qualification (s. 242).

Remuneration.--The liquidator is remunerated as the Court directs. If there is a committee of inspection the remuneration is fixed by the committee and is in the nature of a commission or percentage, of which one part is payable on the amount realised, and the other on the amount distributed in dividend. If the Board of Trade are of opinion that the remuneration so fixed is too high, they may apply to the Court, which will then fix the remuneration. If there is no committee of inspection, the remuneration will be on the scale paid to the Official Receiver, unless the Court otherwise orders (r. 157).
A liquidator must not receive any remuneration or consideration or any benefit whatever beyond the remuneration he is entitled to receive under the Act or the Rules (r. 158).

2 Re North Molton Mining Co. (1886), 54 L. T. 602.
3 Re Tavistoclc Ironworks Co. (1871), 24 L. T. 605.
4 Re Sir John Moore Gold Mining Co. (1879), 12 Ch. D. 325. 5(1887). 36 Ch. D. 299.
6 Per Astbury, J., in Re Rubber and Produce Investment Trust, [1915] 1 Ch. 382

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where is HTML where is HEAD where is TITLE Resignation.-A liquidator may resign before what is completion of what is liquidation (s. 242). Resignation is effected by summoning meetings of what is creditors and contributories to receive what is resignation. If both meetings, by resolution, agree to accept what is resignation, what is liquidator files a memorandum with what is Registrar and gives notice to what is Official Receiver, and his resignation thereupon becomes effective. If either of what is meetings do not accept what is resignation what is liquidator reports to what is Court what is result of what is meetings, and what is Court decides whether or not what is resignation shall be accepted (r. 165). Removal.-A liquidator may, on cause shown, be removed by what is Court (s. 242). Grounds on which a liquidator may be removed are, personal unfitness, insanity, (2) prosecuting a claim against what is wishes of a majority of what is creditors, (3) or unwillingness to prosecute a claim against directors with whom he was intimate.(4) " what is words ` on cause shown ' have not quite what is effect of ` if what is Court shall think fit.' Jessel, M.R., said in Sir John Moore Mining Co.,(4) 'they point to some unfitnesa of what is person-it may be from personal character, or from his connection with other parties, or from circumstances in which he is mixed up-some unfitness in a wide sense of what is term.' But, as pointed out by what is Court of Appeal in In re Adam Eyton, Ltd., (5) this definition was not intended to be exhaustive, and if what is Court is satisfied on what is evidence that it is desirable in what is interests of all those interested in what is assets that a particular person shall not manage what is assets, what is Court has power to remol e him, without there being shown any personal misconduct or unfitness." (6) A vacancy in what is office of liquidator is filled by what is Court. A liquidator's acts are valid notwithstanding any defects which may afterwards be discovered in his appointment or qualification (s. 242). Remuneration.--The liquidator is remunerated as what is Court directs. If there is a committee of inspection what is remuneration is fixed by what is committee and is in what is nature of a commission or percentage, of which one part is payable on what is amount realised, and what is other on what is amount distributed in dividend. If what is Board of Trade are of opinion that what is remuneration so fixed is too high, they may apply to what is Court, which will then fix what is remuneration. If there is no committee of inspection, what is remuneration will be on what is scale paid to what is Official Receiver, unless what is Court otherwise orders (r. 157). A liquidator must not receive any remuneration or consideration or any benefit whatever beyond what is remuneration he is entitled to receive under what is Act or what is Rules (r. 158). 2 Re North Molton Mining Co. (1886), 54 L. T. 602. 3 Re Tavistoclc Ironworks Co. (1871), 24 L. T. 605. 4 Re Sir John Moore Gold Mining Co. (1879), 12 Ch. D. 325. 5(1887). 36 Ch. D. 299. 6 Per Astbury, J., in Re Rubber and Produce Investment Trust, [1915] 1 Ch. 382 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 244 where is strong CHAPTER 22 COMPLETION OF what is WINDING UP where is p align="justify" Resignation.-A liquidator may resign before the completion of what is liquidation (s. 242). Resignation is effected by summoning meetings of what is creditors and contributories to receive what is resignation. If both meetings, by resolution, agree to accept what is resignation, what is liquidator files a memorandum with what is Registrar and gives notice to what is Official Receiver, and his resignation thereupon becomes effective. If either of what is meetings do not accept what is resignation what is liquidator reports to what is Court what is result of what is meetings, and what is Court decides whether or not what is resignation shall be accepted (r. 165). Removal.-A liquidator may, on cause shown, be removed by what is Court (s. 242). Grounds on which a liquidator may be removed are, personal unfitness, insanity, (2) prosecuting a claim against what is wishes of a majority of what is creditors, (3) or unwillingness to prosecute a claim against directors with whom he was intimate.(4) " what is words ` on cause shown ' have not quite what is effect of ` if what is Court shall think fit.' Jessel, M.R., said in Sir John Moore Mining Co.,(4) 'they point to some unfitnesa of what is person-it may be from personal character, or from his connection with other parties, or from circumstances in which he is mixed up-some unfitness in a wide sense of what is term.' But, as pointed out by what is Court of Appeal in In re Adam Eyton, Ltd., (5) this definition was not intended to be exhaustive, and if what is Court is satisfied on what is evidence that it is desirable in what is interests of all those interested in what is assets that a particular person shall not manage what is assets, what is Court has power to remol e him, without there being shown any personal misconduct or unfitness." (6) A vacancy in what is office of liquidator is filled by what is Court. A liquidator's acts are valid notwithstanding any defects which may afterwards be discovered in his appointment or qualification (s. 242). Remuneration.--The liquidator is remunerated as what is Court directs. If there is a committee of inspection what is remuneration is fixed by what is committee and is in what is nature of a commission or percentage, of which one part is payable on what is amount realised, and what is other on what is amount distributed in dividend. If what is Board of Trade are of opinion that what is remuneration so fixed is too high, they may apply to what is Court, which will then fix what is remuneration. If there is no committee of inspection, what is remuneration will be on the scale paid to what is Official Receiver, unless what is Court otherwise orders (r. 157). A liquidator must not receive any remuneration or consideration or any benefit whatever beyond what is remuneration he is entitled to receive under what is Act or what is Rules (r. 158). 2 Re North Molton Mining Co. (1886), 54 L. T. 602. 3 Re Tavistoclc Ironworks Co. (1871), 24 L. T. 605. 4 Re Sir John Moore Gold Mining Co. (1879), 12 Ch. D. 325. 5(1887). 36 Ch. D. 299. 6 Per Astbury, J., in Re Rubber and Produce Investment Trust, [1915] 1 Ch. 382 where is Server.Execute("_SiteMap.asp") %

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