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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XX. Winding up

Collection:: Economics Books

242 SECRETARIAL PRACTICE reasonable compromise can be arrived at, the question will have to be decided, the obvious course being for the liquidator to apply to the Court, under s. 252 of the Act, for an order for the delivery up to him of the documents, when the Court will adjudicate upon the matter. But in the meantime, if the possession of the documents is necessary for the purposes of the winding up, it is advisable for the liquidator to pay the amount claimed to an independent third party, or to a joint account, pending the decision of the question, and thus to obtain delivery. If the lien appears, on due examination, to be valid, and the documents are necessary, the liquidator should if possible pay the amount due, or undertake to do so, out of the first available assets. If the lien is claimed by a solicitor, it may be desirable to have the bill taxed, delivery being generally obtained by paying the money claimed into Court, pending the taxation. After taking possession, or taking all needful and possible steps towards taking possession, of the company’s books and documents, the liquidator will then obtain possession, as far as he can, of the other property of the company. This does not mean, of course, that he is to have the land and buildings (if any) of the company conveyed to him, or any of the chattels of the company formally made over to him. He will take possession by assuming the control over them. For example, he will assume the control of the company’s business, putting himself into the position formerly occupied by the company. He will assume the control of the com- pany’s stock and other assets of its business, thus virtually stepping into the shoes of the company. It must never be forgotten that the corporate state and all the corporate powers of the company still continue, the liquidator being, as stated before, the company’s agent for the purpose of winding up its affairs. The liquidator, however, cannot assume the control of some of the company’s property, or in any way obtain physical possession of it. He can, e.g. have no physical control over the book debts of the company, or of any property of the company which has been taken possession of, as is frequently the case, by mortgagees, or by a receiver on their behalf. His duty in these cases is to give notice to the debtors, or the mortgagees, or receiver, as the case may be, of the fact that the company is in voluntary liquidation. and that he is the liquidator. Disclaimer In taking possession, special care is necessary in the case of of Onerous leasehold property. If the company is insolvent, it is neces- Property. o5rv to inquire whether the retention of the leaseholds is

Access restriction

Copyright

fullscreen: Secretarial practice

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation