By Janet Dine (auth.)
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After that a creditor must depend on the company's money to satisfy his claim. This limitation of the liability of the members has led to careful rules being drawn up to attempt to prevent a company from wasting its money (Chapter 9). It is one of the disadvantages of incorporation that a number of formal rules, designed to protect people doing business with companies, have to be complied with. A partnership which consists of people carrying on a business with a view to making profits has many fewer formalities to be complied with.
The court held that such an actron could only be justified rf the company would benefit from the distribution. As the company had sold the main part of its busrness. the kindness to employees could not be justrfied as having any future effect in securrng loyalty or attractrng good staff. The distrrbution was held to be invalrd despite the majorrty vote in favour. Plowman J referred to a previous case which had arisen on similar facts. Hutton v. West Cork Railwav Companv (1883) 23 ChD 654. He sard: 'That was a case where a company had transferred its undertaking to another company and was gorng to be wound up.
Lord MacNaughten said: 'The company is at law a different person altogether from [those forming the company]: and, though it may be that after incorporation the business is precisely the same as it was before, and the same persons are managers, and the same hands receive the profits, the company is not in law the agent of the subscribers or trustee for them. Nor are the subscribers as members liable, in any shape or form, except to the extent and in the manner provided by the Act ... ' Thus was established the complete separation between a company and those involved in its operation.