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

WINDING UP 247 creditor who has not completed execution before the com- mencement of the winding up or, if he had notice of a meeting having been called to pass a resolution for voluntary winding up, before the date on which he had such notice, will not be entitled to retain the benefit of the execution against the liquidator, and if the liquidator finds that there has been any execution shortly before his appointment, he should inquire into the circumstances to see if the section applies. Moreover [s. 269], the liquidator can, in certain cases, obtain delivery from the sheriff of goods seized or the proceeds of sale thereof, and accordingly should inquire whether the circum- stances require the giving of any notice or the service of any demand under the section. The liquidator will take steps, as soon as possible, to ascertain the extent of the company’s liabilities. In most cases the books of the company, assuming them to have been properly kept, will disclose the bulk of these, and if the liabilities have been incurred in the ordinary course of the company’s business, probably most of them can be admitted without demur. In a voluntary winding up only those creditors need prove their debts whose claims have not been admitted. The liquidator will accordingly make out a list of the claims he admits, i.e. of all the known and undisputed liabilities of the company, whether they be trade liabilities, or office expenses, or directors’ fees, or anything else. His duty is then laid down by Rule 104 of the Winding-up Rules of 1929, which requires him to fix a day, not less than fourteen days after the date of the notice, mentioned presently, on or before which creditors (i.e. in voluntary winding up, creditors whose claims have not been admitted) are to prove their debts or claims and to establish any title they may have to priority under s. 264 of the Act, or be excluded from the benefit of any distribution of assets made before their debts are proved; he is to give notice of the day fixed by advertise- ment in a newspaper, and, further, by sending notice in writing to each person who to his knowledge claims to be a creditor or preferential creditor and whose claim has not been admitted. The notice is ordinarily inserted in the Gazette, and in one or more newspapers circulating in the district where the registered office of the company is. One or more repetitions of the newspaper advertisement is often advisable. [n dealing with proofs the liquidator must bear in mind that (subject in the case of insolvent companies to the application in accordance with s. 262 of the Law of Bankruptcy), all debts payable on a contingency and claims present or future, certain or contingent, ascertained or sounding only in damages are Proof of Debts.

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