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

WINDING UP 2472 for the benefit of the winding up. This will depend very largely upon the nature of the covenants in the lease. If the rent is high and the covenants onerous, the value may be small, and on the property being retained the landlord will be entitled to be paid rent in full during the liquidation. Under the Act of 1908, the only alternative open to the liquidator was to notify the landlord of his intention to abandon the premises in which case the landlord could only prove in the liquidation with the other creditors for rent accruing during the liquidation and future rent. Under the Act of 1929, however, the liquidator is given the power of dis- claimer of leaseholds, and other onerous property analagous to that which a Trustee in Bankruptcy has under the Bank- ruptcy Act, 1914 [s. 267]. That section provides that where any part of the property of a company which is being wound up consists of land of any tenure burdened with onerous covenants, of shares or stock in companies, of unprofitable contracts or of any other property that is unsaleable, or not readily saleable, by reason of its binding the possessor thereof to the performance of any onerous act, or to the payment of any sum of money, the liquidator, notwithstanding that he has endeavoured to sell or has taken possession of the property or exercised any act of ownership in relation thereto, may, with the leave of the Court, but subject to the provisions of the section, by writing signed by him disclaim the property. It will be noted that the leave of the Court is essential prior to the disclaimer and notice of disclaimer must be in writing signed by the liquidator. Moreover, notice of disclaimer must be given within 12 months after the commencement of the winding up, or such extended period as the Court may allow, unless the properties which it is desired to disclaim do not come to the knowledge of the liquidator within one month after the commencement of the winding up, in which case the period within which the notice of disclaimer must be given is calculated from the date on which the liquidator became aware of the property. By sub-s. (2) the disclaimer operates to determine as from the date of disclaimer the rights interest and liabilities of the Company and the property of the company n or in respect of the property disclaimed, but does not, except so far as is necessary for the purpose of releasing the company and the property of the company from liability, affect the rights or liabilities of any other person. In order that persons interested may not be left in doubt as to the intentions of the liquidator sub-s. (4) provides that any interested person may make application to the liquidator in writing requiring him to decide whether he will or will not disclaim and that if he has

Access restriction

Copyright

fullscreen: Secretarial practice

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation