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

254 SECRETARIAL PRACTICE Set-off, the beneficial holders of shares in the company, and the second part containing contributories other than in their own right, e.g. as executors or administrators of deceased shareholders, or as trustees of bankrupt shareholders. The ‘B’ list, if any, will similarly be in two parts. After making out the lists, the liquidator will fix a day for settling them, giving notice to each person whose name has been inserted therein of the time and place and of the par- ticulars in the list referring to such person, and stating that if no sufficient cause is shown to the contrary, the list will be settled to include him therein. At the time fixed the liquidator will hear objections and either decide them on the spot or hold them over for further consideration. As regards objections, legal advice is commonly indispensable. The liquidator may either, after due consideration of the case, place the name of the objector on the list as settled, and leave him to apply to the Court under s. 252 as a contributory for rectification of the list or of the register, or he may him- self apply to the court for a declaration of liability. The usual course is for the liquidator to settle the name on the list and leave the contributory to his remedy. Having settled the lists, the liquidator will proceed to make such calls as may be necessary. Here may conveniently be noticed the power which the liquidator has of enforcing the payment by contributories of sums due from them before the winding up, whether in respect of calls or other matters. By the combined effect of s. 205 and s. 252 of the Act, he may apply to the Court for an order upon contributories to pay any such sums due from them. Orders of this kind are called balance orders. Balance orders may be enforced by writ of execution by virtue of s. 373 of the Act. A balance order is, however, not a judgment, and accordingly does not extinguish the right of action for calls. Nor can an action be brought upon the order, as upon a judgment, nor a bankruptcy notice be issued in respect of it. In practice, orders are sometimes made for payment, not only of calls made before the winding up, but also of calls made during the winding up. The doctrine of set-off in winding up must be briefly dealt with at this point. A set-off is a placing a debt against a credit, and striking a balance, the payment of which balance will settle both transactions. It is an ordinary reasonable business transaction to simplify the adjustment of mutual accounts. Thus, if A owes B £15, and B owes A £10, obviously both debts can be adjusted by A paying B £5. So. in the

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