Course to be pursued
The Hongkong Government Gazette.
[APRIL 17, 1858.
LXX. Upon the Hearing of any Petition presented by a Creditor, the Court may dismiss such by Court on Petition Petition, with or without Costs, to be paid by the Petitioner, or it may make an Order or pronounce an
of a Creditor.
Interlocutor directing the Company, by a Day to be named in the Order or Interlocuror, to pay or secure Payment to the Creditor of all Monies that may be proved due to him, together with such Costs as the Court may direct; or the Court may, if it so thinks fit, on the Hearing of such Petition, make an Order or Decree for winding-up the Company in the first instance, or such other Order as it deems just.
LXXI. If at the Expiration of the Time named in such Order or Interlocutor such Payment is not made, or Security given, the Court may thereupon make an Order or Decree for winding-up the Company. LXXII. Upon the Hearing of a Petition presented by a Contributory, the Court may dismiss such Course to be pursued Petition, with or without Costs, to be paid by the Petitioner, or it may make an Order or Decree directing by Court on Petition the Company to be wound-up, or such other Order or Decree as it deems just.
Order for winding-
ditor's Petition.
up Company on Cre-
of Contributory,
Effect of the Order
pany.
LXXIII. After the Date of such Order or Decree for winding-up the Company, all Suits and Actions for winding-up Com- against the Company shall, if the Court so orders, be stayed: No Director or other Officer of the Company shall, without the Sanction of the Court, dispose of any of the Property, Effects, or Things in Action of the Company, and no Transfer of any Shares shall be valid without the Sanction of the Court: A Copy of such Order or Decree shall forthwith be reported by the Company to the Registrar of Joint Stock Companies, who shall make a Minute thereof in his Books relating to the Company.
Power of Court of Chancery to
of Bankruptcy.
LXXIV. In Cases where the Court of Chancery in England or Ireland makes an Order for winding. remit up a Company, it may, if it thinks fit, direct all or any subsequent Proceedings for winding-up the same to Winding-up to Court be had in the Court of Bankruptcy having Jurisdiction in the Place in which the registered Office of the Company is situate, or if the Company is formed for the Purpose of working any such Mine as is within and subject to the Jurisdiction of the Stannaries, in the Court of the Vice-Warden of the Stannaries; and upon such Order being made the Court therein named shall have the same Jurisdiction and exercise the same Powers with respect to winding-up such Company as it would have and exercise in a Case by this Act declared to be within its Jurisdiction.
Collection and Ap- plication of Assets.
Fraudulent Prefer-
ence,
LXXV. As soon as may be after making an Order or Decree for winding-up the Company the Court shall cause the Assets of the Company to be collected, and applied in discharge of its Liabilities in a due Course of Administration.
LXXVI. Any such Conveyance, Mortgage, Delivery of Goods, Payment, Execution, or other Act relating to Property, as would, if made or done by or against any individual Trader, be deemed in the event of his Bankruptcy to have been made or done by way of undue or fraudulent Preference of any Creditor of such Trader, shall, if made or done by or against any Company registered under this Act, be deemed, in the event of an Order being made for winding-up such Company, to have been made or done by way of undue or fraudulent Preference of such Creditor of such Company, and shall be invalid accord- ingly; and for the Purposes of this Section the Presentation of a Petition for winding-up a Company shall be deemed to correspond with the filing of a Petition for Adjudication of Bankruptcy in the Case of an individual Trader; and any Conveyance or Assignment made by any Company registered under this Act of all its Estate and Effects to Trustees for the Benefit of all its Creditors shall be void to all Intents. Power of Court to
LXXVII. The Court may, after it has made an Order or Decree for winding-up the Company, Summon Persons sus-
summon before it any Person known or suspected to have in his Possession any of the Estate or Effects pected of having Pro-
of the Company, or supposed to be indebted to the Company, or any Person whom the Court may deem perty of Company.
capable of giving Information concerning the Trade, Dealings, Estate, or Effects of the Company; and the Court may require any such Person to produce any Books, Papers, Deeds, Writings, or other Documents in his Custody or lower which may appear to the Court requisite to the full Disclosure of any of the Matters which the Court thinks necessary to be inquired into for the Purpose of winding-up the Company; and if any Person so summoned refuses to come before the Court at the Time appointed, having no lawful Impediment (made known to the Court at the Time of its sitting, and allowed by it), the Court may by Warrant authorize and direct the Persons therein named for that Purpose to apprehend such Person, and bring him before the Court for Examination.
Examination of Par- ties by Court.
Penalty on Falsifi- cation of Books,
Attachments,
Se-
LXXVIII. The Court may examine upon Oath, either by Word of Mouth or upon written Inter- rogatories, any Person appearing or brought before them in manner aforesaid, concerning the Trade, Dealings, Estate, or Effects of the Company, and may reduce into Writing the Answers of every such Person, and require him to sign and subscribe the same.
LXXIX. If any Director, Officer, or Contributory of any Company for the winding-up of which an Order or Decree has been made under this Act destroys, mutilates, alters, or falsifies any Books, Papers, Writings, or Securities, or makes or is privy to the making of any false or fraudulent Entry in any Register, Book of Account, or other Document belonging to the Company, with Intent to defraud the Creditors or Contributories of such Company or any of them, every Person so offending shall be deemed to be guilty of a Misdemeanor, and upon being convicted shall be liable to Imprisonment for any Term not exceeding Two Years, with or without Hard Labour.
LXXX. If any Attachment, Sequestration, or Execution is issued against any Company, by virtue questrations, and Exe- whereof the Estate and Effects of the Company, or any of them, may be attached, sequestered, or taken cutions within Three in Execution at any Time within Three Months next before the filing or Presentation of the Petition Months of Petition to for Winding-up the Company, such Attachment, Sequestration, or taking in Execution shall be void in
be void.
Books of Company to be Evidence.
Power of Court to make Calls.
Payment of Money into the Bank.
favour of the Liquidators of the Company, as against the attaching, sequestrating, or Execution Creditor whether the same has been completely executed or not, except that such Creditor shall, if the Attachment Sequestration, or Execution would have been valid but for this Provision, be entitled to retain out of any Money already realized, his Costs of Suit, and of the Attachment, Sequestration, or Execution, or to proceed with the Attachment, Sequestration, or Execution for the Purpose of realizing such Costs; bu on Satisfaction of such Costs, or on Tender of the Amount thereof by the Liquidators to the Creditor, į shall be lawful for the Liquidators to recover from such Creditor the Property so attached, sequestrated and taken in Execution, and the Proceeds of such Property, or the Residue thereof, as the Case may be LXXXI. All Books, Accounts, and Documents of the Company, and of the Liquidators herein-afte mentioned, shall, as between the Contributories of the Company, be prima facie Evidence of the Truth o all Matters therein contained, and purporting to be therein recorded.
LXXXII. The Court may, at any Time after making an Order or Decree for Winding-up a Com pany, and before it has ascertained the Sufficiency of the Assets of the Company, or the Debts in respet of which the several Classes of Contributories are liable, make Calls on all or any of the Contributories, t the Extent of their Liability, for Payment of all or any Sums it deems necessary to satisfy the Debts the Company and the Costs of winding it up, and it may, in making a Call, take into consideration th Probability that some of the Contributories upon whom the same is made may partly or wholly fail to po their respective Portions of the same.
LXXXII. All Monies received under the Direction of the Court on account of the Sale or Conve sion of any of the Assets of the Company, or in respect of Calls made on any Contributories, or of an other Matter, with the Exception of such Balance, if any, as the Official Liquidators may, with the San tion of the Court, retain in their lands for the Payment of current Expenses, shall in England be pa into the Bank of England or some Branch thereof, and in Ireland into the Bank of Ireland or some Brans thereof, and in Scotland into One of the incorporated or chartered Banks in Scotland, to the Credit of su Account as the Court may direct; and no Money standing to such Account shall be paid out by the Ba!
uhan Channes signed in such Manner as the Court directs,