513
court to ap
194.-(1) Where an order is made for a winding up Power for subject to supervision, the court way by the same or any subsequent order appoint any additional liquidator.
point or re- move liqui-
(2) A liquidator appointed by the court under this dators. section shall have the same pewers, be subject to the same $ Edw, 7 c. obligatious, and in all respects stand in the same position as if he had been appointed by the company.
(3) The court may remove any liquidator so appointed by the court or any liquidator continued under the supervi- sion order and fill any vacancy occasioned by the removal, or by death or resignation.
40 s, 202.
order.
195.-(1) Where an order is made for a winding up Effect of subject to supervision, the liquidator may, subject to any supervision restrictions imposed by the court, exercise all his powers, Th. s. 203. without the sanction or intervention of the court, in the same manner as if the company were being wound up altogether voluntarily.
(2) A winding up subject to the supervision of the court is not a winding up by the court for the purpose of the following provisions of this Ordinance namely, those contained in sections one hundred and forty-one, one hundred and forty-two, one hundred and forty-three, except subsection (8), one hundred and forty-six, one hundred and forty-seven, one hundred and forty-eight, one hundred and forty-nine, one hundred and fifty, one hundred and fifty- one, one hundred and fifty-two, one hundred and fifty-three, one hundred and fifty-four, one hundred and fifty-five, one hundred and sixty, one hundred and sixty-seven, and one hundred and sixty-nine, but, subject as aforesaid, an order for a winding up subject to supervision shall for all purposes, including the staying of actions and other pro- ceedings, the making and enforcement of calls, and the exercise of all other powers, be deemed to be an order for winding up by the court.
Supplemental Provisions.
196-(1) In the case of voluntary winding up, every Avoidance of transfer of shares, except transfers made to or with the transfers, &c. sanction of the liquidator, and every alteration in the status after com- of the members of the company made after the commen- of winding cement of the winding up, shall be void.
mencement
up.
(2) In the case of a winding up by or subject to the 7. s. 205. supervision of the court, every disposition of the property (including things in action) of the company,
and every transfer of shares, or alteration in the status of its members, made after the commencement of the winding up, shall, unless the court otherwise orders, he void.
Ib, 3. 206.
197. In every winding up (subject in the case of insol- Debts of all vent companies to the application in accordance with the descriptions provisions of this Ordinance of the law of bankruptcy) all to be proved. debts payable on a contingency, and all claims against the company, present or future, certain or contingent, ascer- rained or sonuding only in damages, shall be a imissible to proof against the company, a just estimate being made, so far as possible, of the value of such debts or claims as may be subject to any contingency or sound only in damages, or for some other reason do not bear a certain value.
198. In the winding up of an insolvent company the Application same rules shall prevail and be observed with regard to the of bank- respective rights of secured and un-ecured creditors and ruptcy rules
in winding to debts provable and to the valuation of annuities and
up of insol. future and contingent liabilities as are in force for the time vent com- being under the law of bankruptcy with respect to the panies. estates of persons adjudged bankrupt; and all persons who in any such case would be entitled to prove for and receive dividends out of the assets of the company may come in under the winding up, and make such claims against the company as they respectively are entitled to by virtue of this section.
Ib. s. 207.
199.-(1). In a winding up there shall be paid in prior- Preferential ity to other debts-
(a) All local rates due from the company at the date hereinafter mentioned, and having become due and payable within twelve months next before that date; and
payments,
Ib s. 209.