Settlement of contributories list remains necessary where surplus assets must be distributed and entitlement requires proper evidence.

Dispensation from settling the list of contributories in a compulsory winding up is exceptional and is available only where it is unnecessary to make calls on or adjust contributories' rights. Even where shares are fully paid and no calls are needed, the court must still be satisfied on proper evidence as to who is entitled to receive surplus assets, and Rule 120 does not remove that evidential requirement. In a company with many shareholders and unregistered transfers, the settled list may be necessary to identify the proper recipients of distribution. The liquidator's request for dispensation was therefore refused.

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Issues: Whether the court should dispense with the settlement of the list of contributories in a compulsory winding up where the share capital is fully paid and the liquidator seeks to distribute surplus assets.

Analysis: The proviso to section 257(1) permits dispensation only where it appears unnecessary to make calls on or adjust the rights of contributories. Although the shares were fully paid and no calls were required, the distribution of surplus assets under section 265 still required the court to be satisfied, on proper evidence, as to the persons entitled to receive payment. Rule 120 prescribes the form of the order but does not remove the need for evidence supporting the liquidator's application. In a company with a large number of shareholders and a substantial number of unregistered transfers, the settlement of the list of contributories may reveal facts material to identifying the proper recipients of the distribution.

Conclusion: The court should not dispense with the settlement of the list of contributories on the facts of this case.

Final Conclusion: The liquidator's application failed, and the winding-up distribution was required to proceed in accordance with the statutory rules governing the settlement of contributories and authorization of surplus distribution.

Ratio Decidendi: Dispensation from settling the list of contributories is exceptional and should not be granted where the court needs the settled list and supporting evidence to identify the persons entitled to participate in a distribution of surplus assets.

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