Sessional Papers Volume 93

Sessional Papers Volume 93

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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. 1902 edition. Excerpt: formed without any capital whatever, simply to prey upon too credulous traders. Yet it is becoming increasingly frequent for merchants and traders, in many cases in an insolvent condition, and even for mechanics in a small way of business, to convert their businesses into companies with a purely nominal capital, which neither is, nor is intended to be, represented by assets. Again, it cannot be supposed that th9 Legislature intended to invert all the ordinary conditions of trading liability by enabling persons possessed of capital to carry on a business which they know to be insolvent in the safe position of secured creditors, who, knowing the exact position of the company and controlling its operations, supply the capital necessary for the business by means of loans, and appropriate the goods which they order, but do not pay for, to secure themselves at the expense of those with whom they trade. Yet such is the result in a considerable number of last year's oases, in which it is notwithstanding impossible to allege that the parties have acted illegally or incurred any criminal or civil responsibility. The following may be taken as types of these abuses: --Margolin and Company, Limited, wound up in the Leeds Court, consisted of a cabinet Margolin maker in a very small way of business, to whom a money-lender made advances, and ftnd Com" formed a company consisting of these two persons with six nominees, who subscribed limited. 11. each. The promoters issued to themselves debentures for 550Z., and paid up shares for 250Z., in respect of the business transferred, of which no valuation, statement of stock, or accounts have been preserved. They then acted as directors, one as a practical workman, the other controlling the finances. The...
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Product details

  • Paperback | 104 pages
  • 189 x 246 x 6mm | 200g
  • United States
  • English
  • black & white illustrations
  • 1236937767
  • 9781236937766