M'Leod (Liquidator of Alexander forrester, Ltd) [1907] ScotLR 393 (21 February 1907)

The Court accepted the analogy between liquidators and judicial factors, authorised the bond of caution by an approved guarantee company, allowed the premium to be charged against the liquidation estate, but required that such charge be considered when fixing the liquidator's remuneration.

Citation: [1907] ScotLR 393
Parties: Liquidator: John M. M'Leod; Company in Liquidation: Alexander Forrester, Limited
Jurisdiction: Scotland
Judgment Date: 21 February 1907
Procedural Posture: Liquidation Under Supervision / Application for Fixing Caution and Authorisation of Bond
Outcome: Application granted
Legal Topics: Liquidator's Caution, Remuneration, Bond of Approved Guarantee Company, Act of Sederunt 15th July 1904

Company Law Liquidator's Caution Remuneration Bond of Approved Guarantee Company Act of Sederunt 15th July 1904

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Parties

John M. M'Leod

Liquidator

Alexander Forrester, Limited

Company in Liquidation

Procedural Posture

Liquidation Under Supervision / Application for Fixing Caution and Authorisation of Bond

Legal Issues

1 Whether the provisions of the Act of Sederunt 15th July 1904 regarding caution and remuneration in judicial factories apply by analogy to company liquidators
2 Whether the premium on a bond of caution by an approved guarantee company can be charged against the liquidation estate and considered in fixing the liquidator's remuneration

Ratio Decidendi

Court Disposition

Application granted

Orders

Fix £3000 as the amount for which caution shall be found by the liquidator
Authorise the clerk to accept a bond for that amount by the National Guarantee and Suretyship Association, Limited