https://www.taxtmi.com/caselaws?id=97548 Where directors received payments in liquidation in their capacity as creditors rather than as officers, statutory powers to require delivery up or repayment are inapplicable. The legal principle applied distinguishes receipt as creditor from possession of company funds as an officer; section 185's power to compel officers to deliver up company property and section 235's remedy for misapplication, retention, misfeasance or breach of trust require the recipient to hold or have misapplied company money in an official capacity. On the facts, neither provision permitted recovery and the refund orders were set aside. en-us Fri, 20 Sep 1957 00:00:00 +0530 Tue, 17 Jan 2012 12:07:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97548 Where directors received payments in liquidation in their capacity as creditors rather than as officers, statutory powers to require delivery up or repayment are inapplicable. The legal principle applied distinguishes receipt as creditor from possession of company funds as an officer; section 185's power to compel officers to deliver up company property and section 235's remedy for misapplication, retention, misfeasance or breach of trust require the recipient to hold or have misapplied company money in an official capacity. On the facts, neither provision permitted recovery and the refund orders were set aside. Case-Laws Companies Law Fri, 20 Sep 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97548