Scottish Court of Session Decisions

Subject_1Public Company
Subject_2“Companies Acts 1862 and 1867”
Subject_3Power of a Liquidator in a Voluntary Liquidation to obtain Decree for Payment of Calls.
Facts:

The liquidator of a limited liability company, which was in course of being wound up voluntarily, applied to the Court, under the 138th and 121st sections of the “Companies Act 1862, ” to enforce certain calls which he had made upon the shareholders, and which they had failed to meet. The Court was asked “to find that the required exercise of power will be just and beneficial; and to pronounce forthwith a decree against “the several contributories named in the said list … . for payment to the petitioner of the sums therein certified …. in the same way and to the same effect as if they had severally consented to registration for execution on a charge of six days, of a legal obligation to pay such sums and interest, and to grant warrant for extracting said decree immediately, or otherwise to accede wholly or partially to this application, upon such terms and subject to such conditions as your Lordships think fit; or to make such other order, interlocutor or decree on this application as your Lordships think just.”