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THE HONG KONG GOVERNMENT GAZETTE, DECEMBER 2,
crediters
243. The winding up of a company shall not bar Saving for the right of any creditor or contributory to have it rights of wound up by the court, but in the case of an applica- and con- tion by a contributory, the court must be satisfied tributories. that the rights of the contributories will be prejudiced 19 & 20 Geo. by a voluntary winding up.
5, c. 23, s. 255.
order wind.
but subject to
(iv) WINDING UP SUBJECT TO SUPERVISION of Court.
244. When a company has passed a resolution for Power to voluntary winding up, the court may make an order ing up that the voluntary winding up shall continue subject to such supervision of the court, and with supervision such liberty for creditors, contributories, or others 10 19 & 20 Geo. apply to the court, and generally on such terms and 5, c. 23, conditions, as the court thinks just.
s 256.
Effect of 245. A petition for the continuance of a voluntary
petition for winding up subject to the supervision of the court winding up shall, for the purpose of giving jurisdiction to the subject to court over actions, be deemed to be a petition for supervision. winding up by the court.
19 & 20 Geo. 5, c. 23, s. 257. Application of ss. 168
246. A winding up subject to the supervision of the court shall, for the purposes of sections one and 169 to hundred and sixty-eight and one hundred and sixty- winding up nine of this Ordinance, be deemed to be a winding up subject to
supervision. by the court.
19 & 20 Geo.
5, c. 23, @ 258. Power of
247.-(1) Where an order is made for a winding up court to subject to supervision, the court may by that or any appoint or subsequent order appoint an additional liquidator.
remove
liquidators.
(2) A liquidator appointed by the court under this 19 & 20 Ga. section shall have the same powers, be subject to the 5, c. 23, same obligations, and in all respects stand in the s. 259. same position, as if he had been duly appointed in accordance with the provisions of this Ordinance with respect to the appointment of liquidators in a volun- tary winding up.
(3) The court may remove any liquidator so ap- pointed by the court or any liquidator continued under the supervision order and fill any vacancy occasioned by the removal, or by death or resigna- tion.
Effect of
248.-(1) Where an order is made for a winding supervision up subject to supervision, the liquidator may, subject order. to any restrictions imposed by the court, exercise all 19 & 20 Geo. his powers, without the sanction or intervention of 5, c. 23,
s. 260. the court, in the same manner as if the company were being wound up altogether voluntarily:
Provided that the powers specified in paragraphs (d), (e) and (f) of subsection (1) of section one hundred and eighty-five of this Ordinance shall not be exercised by the liquidator except with the sanction of the court or, in a case where before the order the winding up was a creditor's voluntary winding up, with the sanction of either the court cr the committee of inspection.
(2) A winding up subject to the supervision of the court is not a winding up by the court for the purpose of the provisions of this Ordinance which are set out in the Eighth Schedule to this Ordinance, but, subject as aforesaid, an order for a winding up
purposes
be subject to supervision shall for all deemed to be an order for winding up by the court: Provided that where the order for winding up subject to supervision was made in relation to creditor's voluntary winding up in which a committee of inspection had been appointed, the order shall be deemed to be an order for winding up by the court for the purpose of section one hundred and ninety- three (except subsection (1) thereof) of this Ordinance, except in so far as the operation of that section is excluded in a voluntary winding up by general rules.
a
1932.
1059