Gt. Brit. Laves, statutes, ite. Corporation bew A MANUAL OF THE PRACTICE AS TO WINDING-UP IN THE HIGH COURT AND IN THE COUNTY COURT; BEING THE COMPANIES (WINDING-UP) ACT, 1890, AND THE WINDING-UP OF COMPANIES AND ASSOCIATIONS (PART IV. OF THE COMPANIES ACT, 1862), AS NOW AMENDED WITH NOTES AND THE COMPANIES WINDING-UP RULES, 1890. Forming a SUPPLEMENT to "A COMPLETE PRACTICE OF THE COUNTY COURTS." SOMETIME HOLDER OF THE STUDENTSHIP OF THE FOUR INNS OF COURT. "Author of Pitt-Lewis' County Courts Act, 1888.” LONDON: STEVENS AND SONS, LIMITED, 119 & 120, CHANCERY LANE, Law Publishers and Booksellers. UK INTRODUCTION. THE passing of "The Companies (Winding-up) Act, 1890" (a) (which supplements and is to be read with (b) "The Companies Act, 1862" (c), and "The Companies Act, 1867" (d)), marks a new era in the practice as to the winding up of companies. The principal changes effected by the recent Act of 1890 are as follow: The County Courts, instead of possessing a merely unimportant jurisdiction, are now made of considerable consequence in winding-up matters; for a largely increased jurisdiction (extending, indeed, over all companies with a capital not exceeding 10,000l.) (e) has been conferred upon these Courts by the Act of 1890. As a necessary corollary, the merely derivative jurisdiction which they formerly possessed (f) has been abolished (g). Then, again, the machinery in winding-up cases has, by the last-named Act, been largely assimilated to that in bankruptcy, among the most important alterations effected by the Act being (in accordance with this general policy) the introduction of official supervision by the Board of Trade, acting through the Official Receiver in Bankruptcy. Perhaps, however, the most sweeping change of practical importance made by the recent Act is the provision that an official of the Court (not merely a friendly liquidator nominated by the directors themselves) shall make a preliminary inquiry into the history of every company ordered to be wound (a) 53 & 54 Vict. c. 63. (b) Ibid. s. 35, set out infra. (c) 25 & 26 Vict. c. 89. (d) 30 & 31 Vict. c. 131. (e) See sect. 1, sub-sect. 3, of 53 & 54 Vict. c. 63, set out infra, p. 1. (f) By sect. 41 of 30 & 31 Vict. c. 131. (g) See sect. 33 and Sched. II., "The Companies (Winding-up) Act, 1890" (53 & 54 Vict. c. 63). |