In re Matahina Rimu Company Limited (In Liquidation) - [1941] NZLR 490

Company Law — Winding-up — Contract — Consideration — Estoppel — Agreement by Holders of Vendors' Shares originally issued as Fully Paid, in order to Facilitate Sale of Company's Assets to "forgo" such Shares and to relinquish their Claims as Holders thereof to any Assets of Company or any Part of Capital retained, in Favour of Contributing Shareholders — On Liquidation, after Repayment of Capital due to both Debenture-holders and Contributing Shareholders, surplus left — Whether Consideration given by Contributing Shareholders for Agreement to Vendor Shareholders — Whether Vendor Shareholders Estopped — Powers of Liquidator to Accept Surrender of Shares — Method of Effecting Agreement, whether by Surrender of Vendors' Shares to Company or by Transfer of such Shares to Contributing Shareholders pro rata — Companies Act, 1908, ss 195 (i), 224 (b), 226.