At H. M, Supreme Court on Tues-before his Honour Judge Skinner Turner, the—Philippine National Bank were petitioners for the winding up of the Eastemn Syndicate, Ld., under supervision of the Court.
Mr. H. Lipson Ward appeared for the petitioners, and Mr. K. Newman represented the liquidator, and a creditor (the compradore of the Company).
Deraits or Peritiox.
The petition stated that the Eastern Syndicate, Ld., was incorporated on May 20, under the Companies' Ordinance 1911, as a private China company, with—registered offices at No. Haskelb Road. The nominal capital of the company was Tls. 12,000, divided into 400 shares of Tls. 30 each. The company was established to carry on business as manufacturers, merchants, commission agents, brokers, estate agents, and other objects set forth in the Memo-random of Association. The com pany is indebted to petitioners in the sum of Tls. 33,263.74, the amount with interest and charges of five bills of exchange and being, as to Tls. 4,813.45, liquidated damages for breach of a contract in writing contained in documents dated respectively April 12, May 10, and August 11, 1920, whereby the company agreed to pay to the bank the equivalent of the amount paid by the Petitioner upon the faith of the credit therein mentioned, together with commission, interest and charges, and as to the Tls. 2,027.24 liquidated damages for breach of similar contract in writing contained in documents dated respectively August 30, and 31, 1920. Against this indebtedness, the bank hold security to the amount of Tls. 10,000. Being unable to obtain payment, the bank began an action, which is still pending.
The petition goes on to say that the company is insolvent, and possessed of assets, and that on November 12 it went into voluntary liquidation, Mr. E. Mortimer Reid, chartered accountant, being appointed liquidator. Petitioner prays:
(1) Thst the company may he wound up by the Court under the provisions of the Companies? Ordinance, 191 (2) Alternatively. that an order be made directing that the voluntary winding un may be continued but. subject to the supervision of the Court.
Text read from the printed page and cleaned; old type leaves the occasional error.