1936 (11) TMI 23

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....ner is a creditor of the Rajbari Ice factory, Ltd., now in voluntary liquidation. She says that the Company is indebted to her to the extent of Rs. 16,120-4-9. Her husband is the managing director. She asks that the Company may be wound up by the Court under the supervision of the Court and that all legal proceedings against the Company may be stayed. The Company is insolvent, and on the 27t....

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.... with regard to staying executions, where there is a voluntary liquidation, has been described by Scrutton, L.J., in Anglo Baltic and Mediterranean Bank v. Barber & Co. He states the general practice to be to grant an order staying execution for the reason that the execution, if allowed, would necessarily interfere with the distribution of the assets pari passu, and that it was only in very specia....

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....ing up." and sub-sec. (2) provides:- "For the purposes of this section, an execution against goods shall be taken to be completed by seizure and sale, and an attachment of a debt shall be deemed to be completed by receipt of the debt, and an execution against land shall be deemed to be completed by seizure and, in the case of an equitable interest, by the appointment of a receiver." There....

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....e claims of these two alleged creditors there are a number of smaller claims. It is, therefore, clearly in the interest of the whole body of creditors that the value of this factory should be realised in the liquidation proceedings and the assets of the Company divided among the creditors pari passu and in view of the circumstances and the doubts which have been thrown upon the genuineness of t....