CAPITAL OF £3

Taranaki Daily News, 29 May 1933, Page 12

CAPITAL OF £3

COMPANY’S AFFAIRS. ■ ' V TUITION IN WRESTLING. The affairs of an Auckland company with a registered capital of only £3 were investigated in the Supreme Court on Friday, when George Walker, of Auckland, professional wrestler (Mr. Ready), made an application for an order to wind up Controls, Ltd., of Auckland, merchants (Mr. Hogben). Mr. Ready stated that the company had already gone into voluntary liquidation but it was desired to have its affairs dealt with by the official ' assignee, as a receiver appointed by the court “The capital of the company is only £3, which is fully paid up,” said Mr. Hogben. TIA ’e was only one asset of any size, possibly valued at £5O. He understood that wages due by the company were in excess of that sum. Mr. Justice Smith: How was the company financed with that capital? Mr. Hogben said, that one shareholder had advanced the company £llOO. He was not a. creditor, as owing to the nature of the advance he could not claim. Mr. Ready stated that the company was formed to sell courses in wrestling tuition. The sum of £l7OO had passed through its hands. The petitioning creditorj Walker, was to have been paid 15s. for each course sold, and the company now owed him £2OO, of which he had not received a penny. *T think you are entitled to an order unless the company can show that its proceedings were bona fide,” said his Honour, who suggested that the hearing of the application should be adjourned for a short time to enable counsel to copferl “We have arrived at -an agreement,” said Mr. Hogben, on resumption. “The question was which method of winding up was most advantageous to both parties. We have agreed to the company being wound up by an order of the court. The liquidation will not be compulsory, but will be under the supervision of a liquidator to be appointed by the court.” After Mr. Hogben had sugested Mr. F. C. Buddle as liquidator and Mr. Ready had agreed to his appointment in place of ' the receiver appointed by the company, his Honour made an order by consent, costs being allowed the petitioning creditor.