Winding Up a. Company.

Wanganui Herald, Volume XXXIX, Issue 11646, 25 August 1905, Page 7

Winding Up a. Company.

DUNEtDIN, August 25. At the Supreme Court Mr Justice Williams gave judgment in the case of the Federal Portland Cement Coy./ on a summons by the liquidator for direction as tothe distribution of assetß. The facts were that the company wound up voluntarily. The assets have been realised and the debts paid, and the sum of ,£1469 Is 6d is in hand. The liquidator's question was how this sum was to be distributed amongst the different classes of shareholders. His Honour decided that -there was only one fund to bft divided, and. that fund, co fai as the paid-up' shareholders were concerned, was the amount now in the hands of the liquidator. They were entitled to a' certain portion of it, and the other shareholders had also a right to a certain proportion of the same fund, unless there were two funds. The distribution must be in proportion to the capital already paid up, and there was only one fund.