The Walker Steam Trawl Fishing Co., Ltd, Petitioners [1907] ScotLR 111 (16 November 1907)

The Walker Steam Trawl Fishing Co., Ltd, Petitioners [1907] ScotLR 111 (16 November 1907)

The first resolution does not constitute a reduction of capital within the meaning of the Companies Acts; only the second resolution, which extinguishes liability on uncalled capital, is competent and confirmed.

Citation
[1907] ScotLR 111
Parties
Petitioner: The Walker Steam Trawl Fishing Company, Limited
Jurisdiction
Scotland
Judgment Date
16 November 1907
Procedural Posture
Petition for Confirmation of Reduction of Capital / Final Judgment
Outcome
Petition granted in part; second (alternative) resolution confirmed.
Legal Topics
Reduction of Capital, Confirmation of Capital Reduction, Companies Act 1867, Companies Act 1877
Company Law Reduction of Capital Confirmation of Capital Reduction Companies Act 1867 Companies Act 1877

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Parties

The Walker Steam Trawl Fishing Company, Limited

Petitioner

Procedural Posture

Petition for Confirmation of Reduction of Capital / Final Judgment

Legal Issues

  1. 1 Whether the first resolution constitutes a reduction of capital under the Companies Acts
  2. 2 Whether the Court has jurisdiction to confirm the first resolution
  3. 3 Competency of alternative resolutions for reduction of capital

Ratio Decidendi

The first resolution does not constitute a reduction of capital within the meaning of the Companies Acts; only the second resolution, which extinguishes liability on uncalled capital, is competent and confirmed.

Court Disposition

Petition granted in part; second (alternative) resolution confirmed.

Orders

  • Approve report by Mr Winchester
  • Settle list of creditors entitled to object