Lord Maugham:-

This is an appeal from an order dated 9th September 1932, of the Full Court of the Supreme Court of New South Wales allowing by a majority (Long Innes and Davidson, JJ. Halse Rogers, J., dissenting) an appeal by the present respondents from an order dated 9th October 1931, of the Chief Judge in Equity of the Supreme Court of New South Wales (Harvey, J.), for the compulsory winding up of the respondents, Brunswick (Australia), Limited, hereinafter called "the Company." The apparently simple question which arises is whether the Company ought or ought not to be wound up compulsorily on the ground that that course is just and equitable within the meaning of S. 84(e), New South Wales Companies Act, 1899 (No. 565 of 1931), or, more accurately, whether such an order was properly made on the petition to be next mentioned. As will be seen the date of the commencement of the winding up (if any) is of primary importance in this case. The proceedings were begun by a petition presented on 8th July 1931, by the appellants, D. Davis and Company, Limited, as holders of 30,000 £1 preference shares and 10,000 ordinary shares in the Company. The petition was opposed by two American trad