In re Eros Films Ltd

Subject Matter

COMPANY — Winding up — Voluntary liquidation — Notices of meeting of creditors — Company subsequently required to honour guarantees in respect of debts — Debts thereupon assigned to assignee being a subsidiary of assignor company and debtor to company in voluntary liquidation — Whether notice of meeting of creditors analogous to filing of declaration of inability to pay debts under bankruptcy legislation — Whether assignee entitled to benefit of mutual credit and set-off — Companies Act, 1948, ss 222, 293 (1), 317, 325 (1) — Bankruptcy Act, 1914, ss 1 (1), 31, 40 (1), 167

[1963] Ch 565; [1963] 2 WLR 496