COMPANY AND CREDITORS.

New Zealand Herald, Volume LVIII, Issue 17881, 8 September 1921, Page 9

COMPANY AND CREDITORS.

APPLICATION FOE WINDING UP.

An application to wind up the New Zealand Gum Machines Co., Ltd. (Mr. Leary), was brought before Mr. Justice Adams at the Supreme Court yesterday by Delisssi and Sons and Co., London (Mr. West, instructed by Mr. A Henna). The petition was founded on an action started in 1913 in London, where a commission sat to take evidence. Subsequently the petitioners obtained judgment for £1551. Mr. West said the petition was founded on sub-sections D and E of section 177 of the Companies Act, because defendant company was unable to pay its debts, and it was just and equitable that it should be wound up. Counsel submitted that petitioners had shown in the petition, and supported by affidavit, that the defendant company would be liable soon for a debt which had not been disputed and of which the creditor could not obtain satisfaction. The proceedings were really an_ attempt to obtain execution of the judgment against defendant company. Mr. Leary raised tho question of the authority of the solicitor who signed the petition and denied the right of the solicitor to launch the petition. His Honor said he was not disposed to diKmißß the petition on technical grounds as he thought the signature was justified. Judgment waa reserved.