AN IMPORTANT CASE.
(Per United Press Association.) . ,v., v . . ! Ai, LOH&STCEtURCH, De ; deinber 4'?S' ' A peculiar case was before the Supreme Court in Banco yesterday. The Canterbury Auctioneering < Co. toot over ' the business of Beauchamps and Co., the latter being managing .directors of the new company. It was arranged that the book debts, of the firm be taken over by the company at' valuation, but the latter was never made. Subsequently the Company .collected debts as agents for the late firm and , the partners m Christchurch drew cheques upon the Company's , account as against the collections, resulting in. a debit of i>2o6 due by, "them to the. Company. Before the Company liquidated two, of the managing directors and the brother of one carried a resolution against two outside directors taking over the residue' of the", book debts which were mostly bad and >dqubtful and contras -at 90 per cent face value wiping out their own indebtedness as the original firnu to the , Company. Judge Denmston held that the resolution must be cancelled as the; parties could not be both sellers and buyers. '
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Bibliographic details
Wanganui Herald, Volume XXXVI, Issue 10815, 4 December 1902, Page 5
Word Count
182AN IMPORTANT CASE. Wanganui Herald, Volume XXXVI, Issue 10815, 4 December 1902, Page 5
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