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

244 SECRETARIAL PRACTICE Keeping Accounts. not within 28 days after receipt of such application or such further period as the Court may allow given notice to the applicant that he intends to apply to the Court for leave to disclaim and that, in the case of a contract, if the liquidator, after such an application as aforesaid, does not within the said period or further period disclaim the contract the company shall be deemed to have adopted it. It would appear that if the liquidator desires an extension of time within which to give notice of disclaimer he must apply to the Court for such extension within the above-mentioned period of 28 days [exp. Lovering, 9 Ch. Apps. 586, re Richardson, 16 Ch. D. 613]. Accordingly in any application to the Court for leave to disclaim a contract, it is advisable if such an application as above mentioned has been received from a party interested to ask also for an extension of the period in which notice of dis- claimer may be given. It is not clear what the effect of the words ‘The company shall be deemed to have adopted’ the contract is. In the analogous section of the Bankruptcy Act the trustee is made expressly liable. No personal liability is however, imposed on the liquidator. There appear to be two alternatives (a) that the interested party is to have a mere right of proof, or (b) that the contract is to be treated as if it had been made by the liquidator on behalf of the company in the course of carrying on its business in which case the interested party would be entitled to be paid in full. Probably the latter is the correct interpretation. A liquidator who has to consider the question would be well advised to obtain the decision of the Court and not act on his own interpretation of the section. The section contains other provisions enabling the Court, either before or on granting leave to disclaim, to require notices to be given to interested parties, and enabling any interested person to apply to the Court to make an order rescinding the contract on terms or vesting in the applicant or directing the delivery to him of any disclaimed property. The consideration of this section is however beyond the scope of this book but the decisions on s. 54 of the Bankruptcy Act, 1914, afford some guide to the application of this section. It should be added that by sub-s. (7) any person injured by the operation of a disclaimer shall be deemed a creditor of the Company to the amount of the injury and may prove the amount as a debt in the winding up. The section does not apply in the case of a winding up in Scotland [s. 267 (8)]. An important duty of the liquidator is the duty of keeping proper accounts. It is nowhere laid down that a liquidator in voluntary winding up must keep accounts, but Rule 170 (3) of the Companies (Winding up) Rules. 192g provides that in

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