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

His Powers. 240 SECRETARIAL PRACTICE As regards the powers of ‘the liquidator in voluntary winding up, it will be sufficient to enumerate them. They are, in general, so inextricably involved with his duties that comment on them may be reserved until his duties are more fully dealt with. By s. 248 the liquidator has power, without any sanction, to exercise all the powers given to a liquidator in compulsory winding up, except (1) the power to pay any class of creditors in full and (2) the power to make such compromises and arrangements as are mentioned in paragraphs (¢) and (f) of s. 191 (1). He may accordingly under s. 189 take all the property of the company into his custody; under s. 191 appoint a solicitor and bring or defend any action in the name of the company; carry on the business of the company, so far as may be necessary for its beneficial winding up; sell the whole of its real and personal property; execute deeds and other documents, and use the company’s seal; prove as creditor in the bankruptcy of any contributory; draw bills and raise money upon the security of the assets of the company; take out letters of administration to any deceased contributory; appoint an agent to do any business which he is unable to do himself; do all such other things as may be necessary for winding up the affairs of the company and distributing its assets. Under s. 248 he may summon general meetings, settle the list of contributories, make calls, pay debts, and adjust the rights of the contributories amongst themselves; under s. 252 apply to the Court; and under s. 276 institute misfeasance proceedings. He may exercise the above-mentioned powers of paying any class of creditors in full and making compromises and arrangements, in the case of a members’ voluntary winding up with the sanction of an extraordinary resolution of the company, and, in the case of a creditors” voluntary winding up with the sanction of (a) the like resolution, and (b) either the Court or the committee of inspection. Under the corresponding section of the Act of 1go8 (s. 214) it was held that a compromise with a creditor under that section, unless set aside, is binding even though the sanction of an extraordinary resolution has not been .obtained [Cycle-makers Company v. Sims (1903), I K.B. 477], and semble, this decision will apply to a'compromise made without the sanction required by s. 248; but if a liquida- tor makes a compromise without the sanction required by the Act, he does so at his own risk and if the compromise is held to have been improper, will be liable to misfeasance pro- ceedings under s. 276 [Windsor Steam Coal Co. (1929), 1 Ch. 151]. The above are the principal powers expressly conferred

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