Counsel for the liquidator referred to secs. 2 ( d ), 3, and 5 of the Act of Sederunt, 15th July 1904, as to the finding of caution in judicial factories, &c., and argued that while the case of a liquidator was not provided for therein, still the analogy between his office and that of a judicial factor rendered the provisions applicable. He further stated that the National Guarantee and Suretyship Association was one of the companies approved of in terms of sec. 2 ( d ) of the Act of Sederunt.
Lord President —This note is at the instance of the liquidator recently appointed in the liquidation of Alexander Forrester, Limited, and asks the Court to restrict the caution, and to authorise a bond of caution by a company to be accepted, “and further to authorise the premium on the said bond of caution to be paid by the liquidator out of the estate of” the company, and to direct that the expenses of the note should be expenses in
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Lord M'Laren , Lord Kinnear , and Lord Pearson concurred.
The Court pronounced this interlocutor:—
“The Lords having considered the note for John M. M'Leod, the liquidator, … fix £3000 as the amount for which caution shall be found by him, and authorise the clerk to accept a bond for that amount by the National Guarantee and Suretyship Association, Limited: Further authorise the liquidator to charge the premiums payable in respect of such bond against the liquidation, but declaring that such charge shall be taken into account at the fixing of his remuneration as liquidator: Also authorise the expense of said note to be charged against the liquidation…”
Counsel for the Liquidator— Macmillan. Agents— Dove, Lockhart, & Smart, S.S.C.