SUPREME COURT

Otago Daily Times, Issue 22023, 4 August 1933, Page 2

SUPREME COURT

ADJUDICATED BANKRUPT Mr Justice Kennedy dealt with bankruptcy and other matters at a sitting of the Supreme Court yesterday morning. An application was made by the Dunedin Arcade Company to have Harold Myers adjudicated a bankrupt.——Mr R. L. Fairmaid appeared for the petitioning creditor. In this partly-heard case Mr Fairmaid made a statement to the effect that the petition for adjudication had been filed within certain time limits. His Honor made the order for adjudication. PETITION TO WIND UP COMPANY. The Rural Intermediate Credit Board petitioned to have the Mataura Co-opeia-tive Rural Intermediate Credit Company, Ltd., wound up by the court—Mr W. D. Taylor appeared in support of the petition. Mr Taylor said there was a liability of £228 2s Id owing by the company to the Rural. Intermediate Credit Board. The liability was etill outstanding, notwithstanding that a demand had been made for it. The money was secured by a debenture. The of the company were valued at £lO6. The petitioner also relied on the ground that it was just and equitable that the company should bo wound up. When the claim was made by the board a call was made on the shareholders of the company. No calls were paid, either by the shareholders or the directors, the result being that the directors became disqualified under the Act and under the company’s articles of association. There were then no persons able_ to vote for the appointment of new directors, and the position was that the company was in a condition of stalmate. In reply to his Honor, Mr Taylor said this was the first Intermediate Credit Association in New Zealand in respect to which an application for winding up had been made. The application was adjourned until Monday to allow counsed to produce for his Honor’s inspection a newspaper advertisement regarding the winding-up of the company.