JUDGMENT

DC D'Cotta J:

This is an application by the plaintiff for an order that the defendants be removed from their offices as the liquidators of Cycle & Carriage Co. (Realty) Ltd. (hereinafter referred to as the Company) and that they be replaced by Messrs DA Beaton and GCT Repton. The application is made under s. 266 of the Companies Act (Cap. 185) which provides:

The Court may on cause shown remove a liquidator and appoint another liquidator.

The company was incorporated on 15 February 1969 under the Companies Act. The company had eight directors of whom the first defendant, Mr. JM McCormack was one. The other two defendants, MHG Pollett and Tan Swan Jeng are accountants practising in partnership with the first defendant under the style of Coopers & Lybrand. By a special resolution passed at an extraordinary general meeting held on 26 March 1975 it was resolved that the company be voluntarily wound-up and the defendants were appointed liquidators.

According to the Annual Report and Statement of Accounts of the company, the company as at 30 September 1974 was the owner of a piece of property then known as 'Liat Towers'. Liat Towers is a property situated at Orchard Road, Sin