The Scottish Queensland Mortgage Co., Ltd, v. Petitioners [1908] ScotLR 22 (24 October 1908)

The Scottish Queensland Mortgage Co., Ltd, v. Petitioners [1908] ScotLR 22 (24 October 1908)

The Court granted the petition, finding the procedure for reduction of capital regular and proper, and in conformity with the Companies Acts, especially as part of a previously approved scheme of arrangement.

Citation
[1908] ScotLR 22
Parties
Petitioner: The Scottish Queensland Mortgage Company, Limited
Jurisdiction
Scotland
Judgment Date
24 October 1908
Procedural Posture
Petition for Confirmation of Reduction of Capital / Final Order Granted
Outcome
petition granted
Legal Topics
Reduction of Capital, Scheme of Arrangement, Liquidation, Return of Capital, Issue of Debentures
Company Law Reduction of Capital Scheme of Arrangement Liquidation Return of Capital Issue of Debentures

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Parties

The Scottish Queensland Mortgage Company, Limited

Petitioner

Procedural Posture

Petition for Confirmation of Reduction of Capital / Final Order Granted

Legal Issues

  1. 1 Whether the proposed reduction of capital is competent under the Companies Acts
  2. 2 Whether repayment to members of sums paid in advance of calls can be confirmed
  3. 3 Whether issuing debentures as part of capital reduction is permissible

Ratio Decidendi

The Court granted the petition, finding the procedure for reduction of capital regular and proper, and in conformity with the Companies Acts, especially as part of a previously approved scheme of arrangement.

Court Disposition

petition granted

Orders

  • Confirmation of reduction of capital as per scheme
  • Approval of repayment to members of sums paid in advance of calls