Form 183. 47. 6s., making together with the said sum of 2517. 58. the sum of Form 184. Petition of executrix of policy holder. 2557. 118. recovered by the said judgment. 8. Your petitioner on the day of facias under the said judgment; but on the sheriff of the county of the sued out a writ of fieri day of to whom the said writ was directed, returned the same wholly unsatisfied, the company having no goods or chattels within his bailiwick, upon which execution could be levied. See s. 80 of the Act, sub-s. (2). 9. The said judgment is wholly unpaid and unsatisfied, and the amount thereof is justly due and owing to your petitioner. 10. The company is unable to pay its debts. See s. 79 of the Act, sub-s. (4). 11. Under the circumstances it is just and equitable that the company should be wound up. Your petitioner therefore humbly prays as follows:- Company, Limited, may be wound up by the Court under the provisions of the Companies Acts, 1862 and 1867, and that for that purpose all necessary and proper directions may be given. (2.) Or that such other order may be made in the premises as to the Court shall seem meet. And your petitioner will ever pray, &c. NOTE. It is intended to serve this petition on The Limited. Company, As to the Court to which a winding-up petition should be presented, see s. 81 of the Act, and Buckley, 176. As to who may petition, see s. 82 of the Act, Buckley, 176. As to when a winding-up order will be made, see ss. 79, 80, of the Act, and Buckley, pp. 165, et seq. With regard to paragraph 11 of the above petition, it must be remembered that a mere allegation to the effect therein expressed is not sufficient. The facts which render it just and equitable must be stated, so that the order may be secundum allegata et probata. In re Wear Engine Works Co., 10 Ch. 191; Patent Cocoa Fibre Co., W. N. 1876, 60; Buckley, 181; In re Rica Gold Co., 11 C. Div. 41. See further as to the proceedings, infra, Form 268, et seq. Formal parts: see Form 183. 1. Your petitioner is the widow and executrix of A. B., late of N-, in the county of —, who died on the petitioner has proved his will. day of 1875. Your 2. The above named company (hereinafter called the company) was incorporated under the Companies Act, 1862, as a company limited by shares, for the purpose of carrying on the business of a life assurance company. Its registered office is in London. 3. On the 28th day of May, 1873, the said A. B. effected a policy of assurance on his own life with the company for the sum of 4007. at the Form 184. annual premium of 137. 2s. which was regularly paid. It is provided by the said policy that the funds and property of the company shall be liable to pay the said sum of 4007. to the assured within three calendar months after satisfactory proof shall have been given to the directors of the company of his death and identity. 4. Notice of the death of the said A. B. having been given to the company the directors thereof made such inquiries as they thought fit, and satisfactory proof was given to them of such death and of the identity of the said A. B. On the 8th day of January, 1876, the secretary of the company, by the instructions of the directors thereof, wrote and sent to your petitioner's solicitor a letter of that date, informing him that the inquiries were finished, and that the 4007. would be paid in accordance with the terms of the policy within three months from that date. 5. Your petitioner was desirous that the said sum of 4007. should be paid to Mr. D, the London agent of her solicitor on her behalf, and inquiry was therefore made at the office of the company on what conditions the payment would be so made. The answer given on behalf of the company was that upon production of a receipt for the 4007., signed by your petitioner, and of her authority in writing for the payment to Mr. D, the money would be paid. 6. On the day of —, 1876, Mr. D— attended at the office of the company and produced a proper receipt for the 4007. signed by your petitioner, and also a sufficient authority in writing signed by her for the payment of the money to Mr. D—, who demanded payment to him accordingly. The money was not, however, paid, nor was any assurance given that it would be paid. The manager of the company stated to Mr. D that he would bring the claim to the attention of the board of directors at their meeting on the and that it would then be decided, when a cheque for the 4007, would be paid. day of 7. The company has for some time past been in embarrassed circum stances, and it is unable to pay its debts. 8. Your petitioner submits that she is entitled to a winding-up order. As to winding up an insurance company upon the ground of insolvency, see s. 21 of the Life Assurance Companies Act, 1870, 33 & 34 Vict. c. 61; Buckley, 550. Tests of insolvency considered, London and Manchester Assoc., 1 C. D. 466. A voluntary winding-up may be primâ facie evidence of insolvency, British Alliance Corp., 9 C. D. 635. Where the petitioner seeks for an order under the Act of 1870, the petition should be intituled "In the matter of the Life Assurance Companies Acts, 1870 and 1872," as well as in the Acts of 1862 and 1867. Formal parts: see supra, Form 183. 1. The Company, Limited, hereinafter called the company, was Form 185. incorporated, as a company limited by shares, under the Companies Petition of de benture holder Form 185. Acts, 1862 and 1867, in the month of 1873, for the purpose of acquiring and working certain patents for the manufacture of from and for other purposes set forth in the memorandum of association thereof. The registered office of the company is situate at 2. The nominal capital of the company was stated in the memorandum of association thereof to be 100,000l., divided into 10,000 shares of 107. each. 3. Shortly after the incorporation thereof, the company commenced and has since carried on business. Upwards of 4,700 of its shares have been issued. 4. The company has raised money by the issue of debentures. By such debentures the company promised to pay the sums therein respectively mentioned on the day of and interest thereon in the meantime at the rate of 7 per cent. per annum, on presentation of the coupons attached thereto on the days named in such coupons respectively, and the company thereby charged all its property with the payment of the said principal sums and interest. Where a debenture holder petitions, the power under the regulations of the company to issue the debentures is generally shown. 5. The coupons attached to the said debentures were for interest on the principal sums in the debentures mentioned, at the rate aforesaid, and purport to be payable on the 5th April and 5th October in every year. 6. Your petitioner advanced 2,000l. to the company on the security of 20 such debentures as aforesaid, and these debentures are still held by him. 7. On the day of last your petitioner applied to the company for payment of the interest which accrued due on your petitioner's said debentures on the 5th day of April, 1876. The company has not paid such interest, and there now remains due and owing to your petitioner in respect thereof the sum of 741. Os. 5d. 8. The company is indebted to other debenture holders in respect of the interest on debentures issued by it, and also to divers other persons, and it is unable to pay its debts. 9. Some of the assets of the company are pledged by way of security, to certain creditors thereof, and the entire assets are insufficient to meet the liabilities. 10. Several actions, brought by creditors against the company, are now pending, and unless such actions are restrained the company will shortly be liable to have judgment entered and execution issued against it. 11. Having regard to all the circumstances, it is just and equitable that the company should be wound up by the Court. 12. It is important and in the interest of the creditors and members of the company that the property thereof, and in particular certain barrels of should be taken possession of by some person appointed Form 185. by the Court. A debenture holder who cannot get paid may present a winding-up petition. But he is not entitled to an order against the wishes of the majority of the creditors. Western of Canada Co., 17 Eq. 1; St. Thomas' Dock Co., 2 C. D. 117; West Hartlepool Iron Works Co., 10 Ch. 618; Uruguay Central Co., C. D. 372. The holder of a mortgage debenture can apply for and obtain a winding-up order without giving up or affecting his security. Moor v. Anglo-Italian Bank, 10 C. D. 681. Formal parts: see Form 183. 1. The above-named company (hereinafter called the company) was Form 186. registered with articles of association on the the above-mentioned Acts. 2. The registered office, &c. day of under Petition of simple contract creditor. 3. The objects for which the company was established as stated in the memorandum of association thereof are as follows To, &c. day of and : day of 4. Between the , your petitioner supplied timber and other building materials to the company to the amount of 2307. 12s. 6d. Accounts and invoices of the goods so supplied were from time to time furnished to the company, and payments on account were made by it to the petitioner. 5. There now remains due and owing from the company to the petitioner a sum of 737. 18s., being the balance of the said sum of 2307. 12s. 6d. 6. The petitioner has made repeated and urgent applications to the company for payment of the said sum due to him, but the company has neglected to pay or satisfy the same. The.company does not dispute the fact that the said sum is due to your petitioner. 7. The business of the company has been carried on for several years past at a loss, and the loss in respect thereof during the year ending on the 10th day of November, 18—, was, as your petitioner has ascertained, the sum of 3,7221. 8s. 9d. 8. Acceptances of the company to a considerable amount will shortly arrive at maturity, and the company has no means of providing for the payment thereof. 9. The company is indebted to general and unsecured creditors in respect of goods supplied and materials delivered, and on other accounts to an amount including the said acceptances of 4,781. 78. 2d. 10. The company has raised the sum of 70007. upon mortgages of part of its property, and has issued mortgage debentures charging its undertaking and assets (subject to the said mortgage) to the amount of 2,7007. or thereabouts. Form 186. 11. In addition to a considerable number of shares issued as fully paid up to the promoters of the company as the consideration for services rendered, or alleged to have been rendered, by them to the company, about 3,700 shares have been issued to the public, and the full amount of 57. per share has been called up thereon. Calls to the amount of -7. remain unpaid on divers of the said shares. 12. The company is unable to pay its debts, and the assets thereof are insufficient to provide for and satisfy all its debts and liabilities. 13. It is necessary for the protection of the property of the company, and for the interest of the creditors thereof, that a provisional official liquidator should be immediately appointed. Formal parts: see Form 183. Form 187. Petition by company unable to pay its debts. The humble petition of The follows:- Company, Limited, showeth as 1. Your petitioner, the above-named company (hereinafter called the company), was, &c., [incorporation and office, objects and capital, commencement of business.] but the 5. In the course of its business the company has accepted bills of exchange to the extent of 5,300l. and upwards. Two of these bills for 7007. and 5007. respectively, became due on the of company was unable to meet them. They still remain unpaid. 6. The remainder of the said bills will arrive at maturity in the course of the month of 1880, and the company has no funds with which to meet them. They consist in part of —l., of at a cost of 7. The assets of the company are valuable. a colliery which was purchased in the year machinery and plant, of book debts amounting to upwards ofl., and of uncalled capital to the extent ofl. There are divers incumbrances affecting the company's property, and the company cannot obtain any further advance upon the security thereof. 8. The company's account at its bankers has been overdrawn to the extent of -7. or thereabouts, and the bankers refuse to allow any further overdraw. 9. The company's colliery is in full working order, and upwards of men are employed in or about the same. It is worked at a considerable profit. 10. The assets of the company if realised would be far more than sufficient to pay and satisfy all the debts and liabilities of the company. 11. The company is unable to pay its debts, and in the circumstances aforesaid it is just and equitable that the company should be wound up. Your petitioner the company therefore humbly prays : [As in Form 183.] NOTE. It is not intended to serve this petition on any person. |