Reports of Bankruptcy and Company Cases Volume 7

Reports of Bankruptcy and Company Cases Volume 7

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1900 edition. Excerpt: ...existence of a voluntary winding-up is a strong reason why the Court should decline to interfere, but circumstances may justify interference. The most common instance, no doubt, is where the Court holds that the resolution to wind up voluntarily has been passed fraudulently, but that is not exhaustive. I cannot regard the resolutions which have been passed as an honest exercise of the wishes of the company with regard to the winding up of the company. No plausible reasons for objection on the part of a shareholder to a compulsory winding-up can be suggested. Unless I make the order the company will be dissolved, the books will be destroyed, and the directors, promoters, and others will escape the risk of being called upon to pay large sums into the coffers of the company. If I make the order no further call can be made upon the shareholders who are fully paid up. They cannot be required to find money to prosecute the litigation which the allegations in the report invite. I am driven to the conclusion that the shareholders objecting to the order are either persons directly implicated in the charges or persons desirous of screening those who are so implicated. I regard the whole proceedings connected with the winding-up and the attempted dissolution of the company with grave suspicion. There is nothing in In re Gold Co. (4), or in any other case which prevents me in circumstances such as these from exercising the jurisdiction which I possess. I think it is eminently just and equitable that this company should be wound up by the Court, and such inquiry and investigation be made as is contemplated by the statute. The petition must be amended by alleging alternatively that the extraordinary resolution to wind up was not validly passed. And...show more

Product details

  • Paperback | 182 pages
  • 189 x 246 x 10mm | 336g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236948076
  • 9781236948076