WINDING-UP ORDER

Press, Volume C, Issue 29656, 28 October 1961, Page 14

WINDING-UP ORDER

Seafox Marine, Ltd. An order for the winding up of Seafox Marine, Ltd., was made by Mr Justice Macarthur in the Supreme Court yesterday. The Official Assignee (Mr O. T. Grattan) was appointed provisional liquidator of the company. A petition for the windingup order was brought before the Court by the Janitor Finance Company, Ltd. (Mr D. H. Hicks). Mr G. G. Parry appeared for nine other creditors Seafox Marine, Ltd., was not represented. Mr Hicks, in support of the petition for a Court order to wind up the company, said that affidavits before the Court clearly showed that the company could not pay its debts. The governing - director and majority shareholders of the company (Oswald O. Wahrlick) had made a statement that the company could not pay its debts. A statement of affairs for a creditors’ meeting showed that the comroanv had a deficiency of £3972 as at Sentember 14, last, said Mr Hicks. The Janitor Finance Company, Ltd., held a debenture over the company for some £l5OO, said counsel, and had appointed a public accountant as receiver for the company. By realising on its securities, the finance company had satisfied the debts owed to it by Seafox Marine, Ltd., except for some £5O or £6O. "When the petition to have Seafox Marine. Ltd., wound up was filed, the company did owe the Janitor Finance Company, Ltd.. £540, as stated in the affidavit. This debt has now been reduced to £5O or £6O, and I am instructed to say that this amount should be paid off today,” Mr Hicks said. Mr Parry said he appeared for nine other creditors, supporting the petitioner, who were owed a total of £1844 by Seafox Marine, Ltd. Substitution Mr Hicks said, in view of his client’s debt having been settled, the Court might hold that some other petitioner should be substituted for the Janitor Finance Company, Ltd., as petitioner seeking a Court order to wind up Seafox Marine. Ltd. To his Honour, Mr Hicks said, from the bar, that he would not proceed with his petition seeking a windingup order. His Honour said that this gave him judicial power to consider an application for substitution. Mr Parry then sought, and was granted, leave of the Court to substitute Glassex, Ltd., a creditor owed £264 7s 6d by Seafox Marine, Ltd., for the Janitor Finance Comoany, Ltd., as a petitioner for an order to wind up Seafox Marine. Ltd. His Honour said, making a Court order to wind up Seafox Marine, Ltd., that he was satisfied that that company owed Glassex, Ltd., £264 2s 6d and had not paid that sum or any part of it. He ordered that the costs of the Janitor Finance Company, Ltd.'s petition, and Glassex, Ltd.’s petitions, and the costs of all other creditors in giving notice of appearance, be taxed and paid out of the assets of Seafox Marine, Ltd.