https://www.taxtmi.com/caselaws?id=98151 In winding up, 5% cumulative preference shareholders were entitled under the articles to repayment of paid-up capital and arrears of dividend in priority to ordinary A and B shareholders, because the preference terms were read as applying to liquidation as well as going concern dividends. The court also treated the statutory machinery for calls and adjustment of contributories' rights as wide enough to enforce those class priorities, so a call on ordinary shareholders was permissible for that purpose. However, amounts payable to an ordinary shareholder in the character of a preference holder were not a debt available for statutory set-off against the call liability. en-us Mon, 13 Apr 1964 00:00:00 +0530 Thu, 19 Jan 2012 13:24:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98151 In winding up, 5% cumulative preference shareholders were entitled under the articles to repayment of paid-up capital and arrears of dividend in priority to ordinary A and B shareholders, because the preference terms were read as applying to liquidation as well as going concern dividends. The court also treated the statutory machinery for calls and adjustment of contributories' rights as wide enough to enforce those class priorities, so a call on ordinary shareholders was permissible for that purpose. However, amounts payable to an ordinary shareholder in the character of a preference holder were not a debt available for statutory set-off against the call liability. Case-Laws Companies Law Mon, 13 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98151