Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XX. Winding up

Collection:: Economics Books

250 SECRETARIAL PRACTICE admissible to proof [s. 261]. (See Bankruptcy Act, 1914, s. 30, as to the debts which are provable in bankruptcy and therefore in the winding up of an insolvent company.) It should be oorne in mind that only debts which are legally recoverable can be provided for in a winding up, and if a liquidator admits and pays a claim, which is merely a moral obligation, however strong, on the company, he commits a misfeasance and may be compelled to make good the amount so paid, at any rate so far as the true creditors have been damaged thereby [Home & Colonial Insurance Co. (1930), 1 Ch. 102]. Rule go of the Rules of 1929 provides for the proof of debts oy affidavit, and by Rule 93 the affidavit is required to state whether the creditor is or is not a secured creditor. Most of the Rules from go to 108 contain further regulations as to the proof of debts which are applicable to voluntary winding up. When the proofs have all been lodged, the liquidator must examine them, and in writing admit or reject each, either in whole or in part, or he may require further evidence in sup- port of it. If he rejects a proof he must notify to the creditor in writing the grounds of his rejection [Rule 105]. Any creditor dissatisfied with the decision of the liquidator may apply to the Court within twenty-one days, and the Court may reverse or vary the decision [Rule 106]. Should the liquidator himself, after admitting a proof, consider that it has been improperly admitted, he may apply to the Court, after notice to the creditor, to expunge the proof or reduce its amount [Rule 107]. A similar application may be made by any creditor or contributory [Rule 108]. In due course the liquidator will have a complete list of claims, of which some may be disputed. Disputed claims may be dealt with by the liquidator in various ways. He may compromise any claim with the sanction required by s. 248 (1), or he may apply to the Court, under s. 252, to adjudicate upon any disputed claim. Or he may leave the creditor to apply to the Court to adjudicate, or to bring an action to enforce the claim. The position of the liquidator in the matter of applying for a stay of any such action has already been dealt with above (see p. 238). In exceptional cases, where the disputed claims are likely to be numerous, the method of procedure is open to the liquidator of applying to the Court, under s. 252, for an order for an inquiry as to who are the creditors of the company. The effect of such an order is that all claims are formally proved in chambers, and disputed claims adjudicated upon where necessary by the Court. If the liquidator is in doubt as to whether he has a complete list of claims and desires to make a distribution. he

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