Secretarial practice

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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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XX. Winding up

Collection:: Economics Books

WINDING UP Under the Act of 1908, the liquidator had power with the sanction of the Court to prosecute any past or present director or officer for any suspected offence in relation to the company; but while the costs of any such prosecution could be made pay- able out of the assets of the company, there was no power to direct the discharge thereof at the public expense. Accord- ingly the liquidator rarely applied to the Court for leave to commence proceedings. Under the new Act [s. 277 (2)], it is the duty of the liquidator in a voluntary winding up if he considers that any past or present director, manager or officer, or any member of the company, has been guilty of any offence in relation to the company for which he is criminally liable to report the matter at once to the Director of Public Prosecu- tions and give him all information in his power relating to the matter. The Director of Public Prosecutions may refer the matter to the Board of Trade for further enquiry; but he is under no obligation to do so. Whether he does so or not, he may, if he considers (a) that the case is one in which a prose- cution ought to be instituted, and (b) that it is desirable in the public interest that the proceedings in the prosecution should be conducted by him, institute proceedings himself, and the liquidator and every officer and agent of the company past and present other than the defendant must give him all assistance within their power. If the Director of Public Prosecutions commences the proceedings, the costs of the proceedings will of course be defrayed at the public expense. [t will be noted, however, that the Director may only prosecute if the two above-mentioned conditions are fulfilled. If he is not satisfied that the case is one in which he ought to com- mence proceedings it is his duty to inform the liquidator accordingly, and thereupon the liquidator may himself com- mence the proceedings, but only with the previous sanction of the Court. If the proceedings are commenced by the liquidator, with the sanction of the Court, the costs and expenses of the proceedings will not of course be borne by him personally ; the Board of Trade is empowered by sub-s. (8) to defray such costs and expenses; if the Board does not exercise this power, the costs will, subject to any direction given by the Court and to any mortgages or charges on the assets of the Company and to any debts entitled to preferential payment under s. 264, be payable out of the assets of the company in priority to all other liabilities. It may here be noted that the category of criminal offences in relation to a company has been greatly extended by the new Act [see ss. 271 to 275]. Itis not considered necessary to set out these sections in detail, but it may be mentioned that Report by Liquidator of Suspected Criminal Offences.

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