https://www.taxtmi.com/caselaws?id=97885 An English mortgage over uncalled share money does not prevent the liquidator from treating the unpaid amount as a company asset and including the shareholder in the list of contributories. The liquidator remains competent to make the call in winding up and realise the amount for liquidation purposes, even if the mortgagee holds the security and even if the call was made before winding up. The company retains an equity of redemption and a beneficial interest in the surplus after the mortgage debt is satisfied, so the mortgagee cannot itself enforce the call in place of the liquidator. The issue was resolved in favour of the appellant. en-us Thu, 05 Oct 1961 00:00:00 +0530 Wed, 18 Jan 2012 14:47:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97885 An English mortgage over uncalled share money does not prevent the liquidator from treating the unpaid amount as a company asset and including the shareholder in the list of contributories. The liquidator remains competent to make the call in winding up and realise the amount for liquidation purposes, even if the mortgagee holds the security and even if the call was made before winding up. The company retains an equity of redemption and a beneficial interest in the surplus after the mortgage debt is satisfied, so the mortgagee cannot itself enforce the call in place of the liquidator. The issue was resolved in favour of the appellant. Case-Laws Companies Law Thu, 05 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97885