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

246 SECRETARIAL PRACTICE Collecting Debts. limit to the time during which this may be done, e.g. three months. In the event of an extension being required, a further application must be made to the Court. The right to carry on the business involves the right to do everything incidental thereto: contracts may be made, the trade generally may be continued, bills of exchange may be drawn or accepted, and even, in a proper case, money may be borrowed for the purposes of the company, upon such security as the company is able to offer. It is generally advisable to obtain the sanction of the Court before borrowing money. It is hardly necessary to point out that any security given by the liquidator for loans ranks after all existing securities. The liquidator will, of course, make it clear to all persons with whom business is done that the company is in voluntary liquidation. In carrying on the business, the liquidator must bear in mind that every invoice, order for goods, or business letter issued by or on behalf of the company, or of the liquidator himself, must contain a statement that the company is being wound up [s. 280]. With reference to debts incurred by the liquidator in the course of carrying on the business of the company, it must be clearly borne in mind that these must be paid in priority to debts and liabilities incurred before the commencement of the liquidation. They are, in reality, provided they are properly incurred, part of the costs of the administration of the com- pany’s affairs, which, as will be seen hereafter, have a priority over the ordinary liabilities. In getting in the debts due to the company, the liquidator will make written demands upon the debtors, and if all other means fail he will, if he considers it desirable, take proceedings for recovering debts outstanding. It is neces- sary, however, to consider carefully whether the proceedings are likely to be productive of any adequate result. A liquida- tor would not be justified in suing a debtor when he knew the debtor could in no circumstances pay. Proceedings would, in such a case, be merely a waste of the company’s money. The liquidator has also, as has been stated, power to compromise with the sanctions indicated on p. 240. We have seen that a liquidator can sell all or any of the company’s property, taking care to do so to the best advan- tage. Thus, he may, if he thinks it advantageous, sell the book debts instead of realising them himself. It may here be remarked that, speaking generally, the liquidator may employ agents to act for him in cases where the skill and

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