Secretarial practice

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Multivolume work

Identifikator:: 1892063557

Document type:: Multivolume work

Author:: Lamprecht, Karl http://d-nb.info/gnd/118569015

Title:: Deutsche Geschichte

Place of publication:: Berlin

Publisher:: Gaertner

Year of publication:: 1891-

Collection:: Economics Books

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Volume

Identifikator:: 1892064901

URN:: urn:nbn:de:zbw-retromon-238006

Document type:: Volume

Author:: Lamprecht, Karl http://d-nb.info/gnd/118569015

Title:: Urzeit und Mittelalter

Volume count:: Abt. 1

Place of publication:: Freiburg im Breisgau

Publisher:: Heyfelder

Year of publication:: 1904

Scope:: XIX, 488 S.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Multivolume work

Structure type:: Chapter

Title:: Dreizehntes Buch

Collection:: Economics Books

Surplus Assets. 262 SECRETARIAL PRACTICE seem that a person cannot claim preferential payment as a ‘workman or labourer,” unless he can prove a contract of service [General Radio Company (1929), W.N. 172]. After the above debts have been paid, the liquidator will then proceed to pay the other creditors as far as possible, by means of one or more dividends. Subject as provided by s. 157 (I) (g) as regards debts due to a member in his character of a member, e.g. for dividends declared, all creditors must be treated alike and receive a proportionate amount of their respective debts. If all creditors have been paid in full and assets still remain, then it is the duty of the liquidator, under S. 247, unless it is otherwise provided by the articles of the company, to distribute the money in hand among the members, according to their rights and interests in the company. S. 248 provides that the liquidator shall adjust the rights of the contributories among themselves, and empowers him to make calls for the purpose. The rights of the members must be ascertained from the memorandum and articles, and the available assets distributed in accordance therewith. Very difficult questions frequently arise as to how, in the particular circumstances, having regard to the provisions of the memorandum and articles, the assets should be dis- tributed, and legal advice is often sought by the liquidator as to how he should proceed, or he not infrequently applies to the Court under s. 252. A few general principles may, however, be noticed. If the memorandum and articles are wholly silent as to the rights of members on a winding up, the liquidator’s first duty is to pay off the paid-up capital. If the assets do not allow the whole of the paid-up capital to be paid off, the liquidator must first repay those shareholders who have paid up a larger amount than others, in proportion to the number of shares held by them, the excess which they have so paid, and, if necessary, he must make a call upon those who have paid the lesser amount, so as to equalise matters. To take a simple concrete instance, suppose that in a company with an issued capital of 3,000 shares of £1 each, of which 2,000 are paid up to the extent of 10s. and 1,000 to the extent of 5s., the liquidator, after paying all expenses and all creditors, has a sum of £50 in hand. If this were returned to the holders of the 2,000 shares, 10s. paid up, the result would be merely to return 6d. per share, and these shareholders would be at a disadvantage. The liquidator’s duty, accordingly, is to make on the holders of the 1,000 shares, 5s. paid, a call of 3s. per share, which will enable him to return an additional 1s. 6d. per share to the holders of the 2.000 shares. thus

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