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GAZ E T TE
N O V
E M B E R
1983
The Editor,
Law Society Gazette,
Blackhall Place,
Dub l in 7.
17th No v emb e r, 1983
De ar Sir,
Re: Court Winding up
The recent requirement of Mr. Da v id Munro,
Examiner of the High Court, in the winding up of a
c ompany by the Court, may be of interest to members of
the profession. An Official Liquidator, wh o has evidence
o f any fraudulent trading or improper conduct by the
Directors in carrying on the business of the defunct
c ompany, is obliged to make a report t o the Examiner.
The Examiner will then submit the matter to the relevant
High Court Judge who will decide whether or not to
forward the papers to the D . P . P. with a view to the latter
instituting a Criminal Prosecution.
Because o f the stringent requirements impo s ed on a
Liquidator by Section 297 of the Comp a n i es Act, 1963, in
proving fraudulent trading and, in ma ny cases, due to
scarcity o f funds available to a Liquidator to take such an
action, the ruling is clearly designed to ensure recalcitrant
Directors will not escape. In this regard the ruling is to be
welcomed.
Yours sincerely,
Nicholas Comy n,
Solicitor,
Ronan Da ly Jermyn & Co.,
12 South Mall,
Cork.
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293