666 THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 15, 1911.
Avoidance of transfers, &c. after con-
mencement
of winding
up.
8 Edw. 7 c. 69 s. 250.
Debts of all
descriptions to be proved.
Ib. s. 206.
Application of bank-
ruptcy rules in winding up of insol-
vent com-
panies.
Th. s. 207.
Preferential
payments. Ib, s. 209.
Supplemental Provisions.
197.--(1) In the case of voluntary winding up, every transfer of shares, except transfers made to or with the sanction of the liquidator, and every alteration in the status of the members of the company made after the commen- cement of the winding up, shall be void.
(2) In the case of a winding up by or subject to the 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, muless the court otherwise orders, be void.
198. Ju every winding up (subject in the gase of insol- vent companies to the application in accordance with the provisions of this Ordinance of the law of bankruptcy) all debts payable on a contingency, and all claims against the company, prescut or future, certain or contingent, aseer- tained or sounding 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 he subject to any contingency or sound only in damages, or for some other reason do not hear a certain value.
199. In the winding up of an insolvent eo: pany the same rules shall prevail and be observed with regard to the respective rights of secured and unsecured creditors and to debts provable and to the valuation of amuities and future and contingent liabilities as are in force for the time being under the law of bankruptcy with respect to the estales 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 anch Plulais against the company as they respectively are entitled to hy virtue of this section,
202.—(1) In a winding up there shall be paid in prior- ity to other debts-
(a) All focal rates duc from the company at the date hereinafter mentioned, and having become dne and payable within twelve months next before that date; and
(b) All wages or salary of any o'erk or servant in respect of services rendered to the company during four months before the said date, not exceeding five hundred dollars; and
(e) All wages of any workman or labourer not execcding two hundred and fifty dollars, whether payable for time or for piece work, in respect of services rendered to t: é company during two months before the said date.
(2) The foregoing deḥts shaE—
(4) Rank equally among themselves and be paid in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions; and
(b) So far as the assets of the company available for payment of gene al crediters are insufficient to meet them, have prioray over the claims of holders of debentures under any floating charge created by the company, and be paid accord- ingly out of any property comprised in subject to that ejarge.
(3) Subject to the retention of such sums as may be necessary for the costs and expe. s. s of the winding up, the foregoing debts shall be discharged forthwith so far as the assets are sufficient to meet them.
(4) In the event of a distraint on any goods or effects of the company within three months next before the date of a winding-up order, the debts to which priority is given by this section shall be a first charge on the goods or effects so distrained on, or the proceeds of the sate thereof:
Provided that in respect of any money paid under any such charge the person entitled to apply for a warrant of distress shall have the same rights of priority as the person to whom the payment is made.