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Page 247

CHAPTER 22
COMPLETION OF THE WINDING UP

Liability of Liquidator.-A liquidator is not a trustee for the creditor or contributories.

Knowles v. Scott, [1891] 1 Ch. 717. A claim was made by a contributory for damages for delay in handing over to the contributory his proportion of the surplus assets of the company. Held, in the absence of fraud, bad faith or personal misconduct, an action for damages would not lie against the liquidator at the suit of a creditor or contributory, the proper remedy being an application to the Court to control the liquidator in the exercise of his powers.

On the other hand, for breach of any of his statutory duties the liquidator will be liable in damages to a creditor or contributory for injury caused to them.
Pulsford v. Devenish, [1903] 2 Ch. 625. A liquidator distributed the assets of the company without paying X., a creditor, who had no notice of the liquidation. The books of the company showed X. to be a creditor, but the liquidator made no attempt to communicate with X. beyond issuing an insufficient advertisement for creditors. Held, the liauidator was liable in damages to X.

A liquidator should make provision for contingent claims of which he has notice.(8)
If a liquidator applies the company's assets in paying a doubtful claim, which turns out to be unfounded, without taking proper legal advice or applying to the Court for directions, he will be liable to refund the amount paid on a misfeasance summons taken out by a creditor or contributory. (9
In such a case, even if the liquidator is a trustee, he is not entitled to relief because he has paid away money in his hands to the wrong person(.9)

A liquidator, however, is not liable for admitting a proof of debt which is ill-founded, provided he exercises all due care beforehand. But ` a high standard of care and diligence is required from a liquidator in a voluntary winding up. He is of course paid for his services ; he is able to obtain wherever it is expedient the assistance of solicitors and counsel; and, which is a most important consideration, he is entitled, in every serious case of doubt or difficulty, to submit the matter to the Court and to obtain its guidance." (10)

In re Home and Colonial Insce. Co., Ltd., [1930] 1 Ch. 102. H. company made a re-insurance agreement with L. company which was invalid. On the H. company going into liquidation, L. company tendered a proof which the liquidator ultimately accepted for £89,100, on which £38,000 was paid to L. company in dividends. On learning that he should have disallowed the claim, the liquidator sued L. company,

8 Re Armstrong Whitworth Securities Co., Ltd., [1947] Ch. 673.
9 In re Windsor Coal Co., [1929] 1 Ch. 151.
10 Per Maugham, J., [1930] 1 Ch, at p. 125.

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where is HTML where is HEAD where is TITLE Liability of Liquidator.-A liquidator is not a trustee for what is creditor or contributories. Knowles v. Scott, [1891] 1 Ch. 717. A claim was made by a contributory for damages for delay in handing over to what is contributory his proportion of what is surplus assets of what is company. Held, in what is absence of fraud, bad faith or personal misconduct, an action for damages would not lie against what is liquidator at what is suit of a creditor or contributory, what is proper remedy being an application to what is Court to control what is liquidator in what is exercise of his powers. On what is other hand, for breach of any of his statutory duties what is liquidator will be liable in damages to a creditor or contributory for injury caused to them. Pulsford v. Devenish, [1903] 2 Ch. 625. A liquidator distributed what is assets of what is company without paying X., a creditor, who had no notice of what is liquidation. what is books of what is company showed X. to be a creditor, but what is liquidator made no attempt to communicate with X. beyond issuing an insufficient advertisement for creditors. Held, what is liauidator was liable in damages to X. A liquidator should make provision for contingent claims of which he has notice.(8) If a liquidator applies what is company's assets in paying a doubtful claim, which turns out to be unfounded, without taking proper legal advice or applying to what is Court for directions, he will be liable to refund what is amount paid on a misfeasance summons taken out by a creditor or contributory. (9 In such a case, even if what is liquidator is a trustee, he is not entitled to relief because he has paid away money in his hands to what is wrong person(.9) A liquidator, however, is not liable for admitting a proof of debt which is ill-founded, provided he exercises all due care beforehand. But ` a high standard of care and diligence is required from a liquidator in a voluntary winding up. He is of course paid for his services ; he is able to obtain wherever it is expedient what is assistance of solicitors and counsel; and, which is a most important consideration, he is entitled, in every serious case of doubt or difficulty, to submit what is matter to what is Court and to obtain its guidance." (10) In re Home and Colonial Insce. Co., Ltd., [1930] 1 Ch. 102. H. company made a re-insurance agreement with L. company which was invalid. On what is H. company going into liquidation, L. company tendered a proof which what is liquidator ultimately accepted for £89,100, on which £38,000 was paid to L. company in dividends. On learning that he should have disallowed what is claim, what is liquidator sued L. company, 8 Re Armstrong Whitworth Securities Co., Ltd., [1947] Ch. 673. 9 In re Windsor Coal Co., [1929] 1 Ch. 151. 10 Per Maugham, J., [1930] 1 Ch, at p. 125. 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 247 where is strong CHAPTER 22 COMPLETION OF what is WINDING UP where is p align="justify" Liability of Liquidator.-A liquidator is not a trustee for what is creditor or contributories. Knowles v. Scott, [1891] 1 Ch. 717. A claim was made by a contributory for damages for delay in handing over to what is contributory his proportion of what is surplus assets of what is company. Held, in what is absence of fraud, bad faith or personal misconduct, an action for damages would not lie against what is liquidator at what is suit of a creditor or contributory, what is proper remedy being an application to what is Court to control what is liquidator in what is exercise of his powers. On what is other hand, for breach of any of his statutory duties what is liquidator will be liable in damages to a creditor or contributory for injury caused to them. Pulsford v. Devenish, [1903] 2 Ch. 625. A liquidator distributed what is assets of what is company without paying X., a creditor, who had no notice of what is liquidation. what is books of what is company showed X. to be a creditor, but what is liquidator made no attempt to communicate with X. beyond issuing an insufficient advertisement for creditors. Held, what is liauidator was liable in damages to X. A liquidator should make provision for contingent claims of which he has notice.(8) If a liquidator applies what is company's assets in paying a doubtful claim, which turns out to be unfounded, without taking proper legal advice or applying to what is Court for directions, he will be liable to refund what is amount paid on a misfeasance summons taken out by a creditor or contributory. (9 In such a case, even if what is liquidator is a trustee, he is not entitled to relief because he has paid away money in his hands to what is wrong person(.9) A liquidator, however, is not liable for admitting a proof of debt which is ill-founded, provided he exercises all due care beforehand. But ` a high standard of care and diligence is required from a liquidator in a voluntary winding up. He is of course paid for his services ; he is able to obtain wherever it is expedient what is assistance of solicitors and counsel; and, which is a most important consideration, he is entitled, in every serious case of doubt or difficulty, to submit what is matter to what is Court and to obtain its guidance." (10) In re Home and Colonial Insce. Co., Ltd., [1930] 1 Ch. 102. H. company made a re-insurance agreement with L. company which was invalid. On what is H. company going into liquidation, L. company tendered a proof which what is liquidator ultimately accepted for £89,100, on which £38,000 was paid to L. company in dividends. On learning that he should have disallowed what is claim, what is liquidator sued L. company, 8 Re Armstrong Whitworth Securities Co., Ltd., [1947] Ch. 673. 9 In re Windsor Coal Co., [1929] 1 Ch. 151. 10 Per Maugham, J., [1930] 1 Ch, at p. 125. where is Server.Execute("_SiteMap.asp") %

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