1176
THE HONG KONG GOVERNMENT GAZETTE, DECEMBER 31, 1936.
Report by Official Receiver
on arrange- ments and compromises. R. 75.
Collection and distri- bution of Company's assets by Liquidator, R. 76.
Power of Liquidator to require delivery of property. P. 77
Form 41.
to any persons shall be supported by the affidavit filed on the application for leave to disclaim such property.
(2) Where such an application as aforesaid relates to disclaimed property of a leasehold nature and it appears that there is any mortgagee by assignment or demise or under-lessee of such property, the Court may direct that notice shall be given to such mortgagee or under-lessee that, if he does not elect to accept and apply for such a vesting order as aforesaid upon the terms required by the above-mentioned subsection and imposed by the Court within a time to be fixed by the Court and stated in the notice, he will be excluded from all interest in and security upon the property and the Court may adjourn the application for such notice to be given and for such mort- gagee or under-lessee to be added as a party to and served with the application and, if he sees fit, to make such election and application as is mentioned in the notice. If at the expiration of the time so fixed by the Court such mortgagee or under- lessee fails to make such election and application, the Court may make an order vesting the property in the applicant and excluding such mortgagee or under-lessee from all interest in or security upon the property.
Arrangements with Creditors and Contributories in a
Winding-up by the Court.
65. In a winding-up by the Court, if application is made to the Court to sanction any compromises or arrangement, the Court may, before giving its sanction thereto, hear a report by the Official Receiver as to the terms of the scheme, and as to the conduct of the directors and other officers of the Company, and as to any other matters which, in the opinion of the Official Receiver, ought to be brought to the attention of the Court. The report shall not be placed upon the file, unless and until the Court shall direct it to be filed.
Collection and Distribution of Assets in a Winding-up by the Court.
66.-(1) The duties imposed on the Court by section 196 (1) of the Ordinance, in a winding-up by the Court with regard to the collection of the assets of the Company and the applica- tion of the assets in discharge of the Company's liabilities. shall be discharged by the Liquidator as an officer of the Court subject to the control of the Court.
(2) For the purpose of the discharge by the Liquidator of the duties imposed by section 196 (1) of the Ordinance, and sub-rule (1) of this Rule, the Liquidator in a winding-up by the Court shall for the purpose of acquiring or retaining possession of the property of the Company, be in the same position as if he were a Receiver of the property appointed by the Court, and the Court may, on his application, enforce such acquisition or retention accordingly.
67. The powers conferred on the Court by section 197 of the Ordinance shall be exercised by the Liquidator. Any con- tributory for the time being on the list of contributories, trustee, receiver, banker or agent or officer of a Company which is being wound up under order of the Court shall, on notice from the Liquidator and within such time as he shall by notice in writing require, pay, deliver, convey, surrender or transfer to or into the hands of the Liquidator any sum of money or balance, books, papers, estate or effects which happen to be in his hands for the time being and to which the Company is primâ facie entitled.