APPEAL COURT JUDGMENT.

Auckland Star, Volume LVIII, Issue 108, 10 May 1927, Page 9

APPEAL COURT JUDGMENT.

COMPANY IN LIQUIDATION. SHAREHOLDER'S CLAIM FAILS. HAMILTON, this day. Reserved judgment was given to-day in the case of James Joll v. The Metal Stores Ltd. The Metal Stores Ltd. is a private company in voluntary liquidation and James Joll, as one of the shareholders, proved in liquidation for the sum of £998 19/10. It appears from the books of the company that Joll is a creditor of the company to that amount, but the liquidator asserted that Joll was indebted to the company for a larger sum for calls on shares, and Joll's proof, therefore, could not be allowed. The question the Court of Appeal was asked to determine was whether or not Joll was so indebted to the company. The Court said the answer to that question depended on the view taken of the dealings in connection with a property in Victoria Street, Hamilton. After reviewing the evidence the Court expressed the opinion that Joll was not entitled to the credit of any £1170 credited to the call account and his claim in liquidation must be disallowed, the parties to pay their own costs. The case originally was heard "before Mr. Justice Stringer, who by an inadvertanee delivered judgment before council for Metal Stores Ltd. had submitted his argument in reply.