BUSINESS METHODS.
[MT T__EGBAFH. — PRESS ASSOCIATIOW.J AUCKLAND, This Day. A meeting of the Chamber of Com inorce was held to consider the action of a city firm, which formed itseif into a private company for the purpose of giving debentures over its business to a film of creditors. It was pointed out that if the debentures were exercised by the holder the assets might be disposed of at a sacrifice, the remaining creditors and shareholders receiving nothing. This opened the door for fraudulent preference by private companies. Further, a Bill of sale was of no value until it had been registered forty days, but under the Private Companies Act it became valid immediately it was registered* and this firm nad been persuaded to form into a limited liability company, in order to give value to the Bill. It was decided to wait an the Minisi ter of Justice concerning tho matter.
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Bibliographic details
Evening Post, Volume LXXVII, Issue 21, 26 January 1909, Page 5
Word Count
151BUSINESS METHODS. Evening Post, Volume LXXVII, Issue 21, 26 January 1909, Page 5
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