1914 (8) TMI 2

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..... titioner-appellant gave the Company notice on the 7th of October 1912 and demanded payment. On the 24th of October 1912 the Company replied in a rather vaguely worded letter, the general content of which, however, clearly indicates the line of defence subsequently adopted by the Company. On the 15th of November the petitioner, instead of accepting the Company's challenge and bringing a suit to .....

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..... general dicta be carried further than the facts of the case would warrant. If any general rule is to be laid down at all, it is easily obtained from the Statute law. The principle upon which a Company is to be wound up, for all the purposes with which we are now concerned, is simply its inability to pay its just debts, and that inability is said to be indicated by its neglect to pay after proper .....

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..... eedings to bear upon the Company in order to make it pay cheaply and expeditiously a heavy debt which it desires to dispute in the Civil Courts, and this, we are both very strongly of opinion, is one of the worst abuses to which the winding up Sections of our Statute law upon Companies could be perverted. We are clearly of opinion that the learned Judge below was right, and that his order ought to .....

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