Secretarial practice

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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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XX. Winding up

Collection:: Economics Books

WINDING UP 261 created by the company, and be paid accordingly out of any property comprised in or subject to that charge. Subject to the retention of such sums as may be necessary for the costs and expenses of the winding up, the foregoing debts shall be discharged forthwith so far as the assets are sufficient to meet them, and in the case of debts to which priority is given by para- graph (e) of sub-s. (1) of this section formal proof thereof shall not be required, except in so far as is otherwise provided by general rules. In the event of a landlord or other person distraining or having distrained on any goods or effects of the company within three months next before the date of a winding up order, the debts to which priority is given by this section shall be a first charge on the goods or effects so distrained on, or the proceeds of the sale thereof: Provided that in respect of any money paid under any such charge the landlord or other person shall have the same rights of priority as the person to whom the payment is made. In this section the expression ‘the relevant date means— (a) in the case of a company ordered to be wound up compulsorily which had not previously com- menced to be wound up voluntarily, the date of the winding up order; and in any other case, the date of the commencement of the winding up. If a debenture contains a fixed as well as a floating charge, the priority conferred by the section as read with s. 78, applies only in respect of the assets subject to the floating charge [Lewis Merthyr Consolidated (1929), 1 Ch. 498]. With reference to the priority of salaries and wages of clerks and servants, it has been held that a managing director is not a clerk or servant within the meaning of the section [Newspaper Proprietary Syndicate (1900), 2 Ch. 349]. And it has been held that a company’s secretary who does not give the whole of his time to the service of the company, but pays a clerk to do the bulk of the work, is not a servant so as to be entitled to priority, although in other cases he may be [Cairney v. Back (1906), 2 K.B. 746]. And there have been other decisions on particular facts. I+ would b)

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