A.D. 1865.]
COMPANIES.
[No. 1.
97
will be prejudiced by a voluntary winding-up.
Power of the Court to adopt proceedings
183. Where a company is in course of being wound up voluntarily, and proceedings are taken for the purpose of having the same wound up by the Court, the Court may, if it thinks fit, notwithstanding that it makes an order directing the company to be wound up by the Court, provide in such order or in any other order for the adoption of all or any of the proceedings taken in the course of the voluntary winding-up.
Winding-up subject to the Supervision of the Court.
Court to order winding-up subject to supervision.
184. When a resolution has been passed by a company to wind up voluntarily, the Court may make an order directing that the voluntary winding-up shall continue, but subject to such supervision of the Court, and with such liberty for creditors, contributories, or others to apply to the Court, and generally on such terms and subject to such conditions as the Court thinks just.
185. A petition praying wholly or in part that a voluntary winding-up shall continue, but subject to the supervision of the Court (and which winding-up is hereinafter referred to as a winding-up subject to the supervision of the Court) shall, for the purpose of giving jurisdiction to the Court over actions and suits, be deemed to be a petition for winding up the company by the Court.
Effect of petition for winding-up subject to supervision.
186.-(1.) The Court may, in determining whether a company is to be wound up altogether by the Court or subject to the supervision of the Court, in the appointment of a liquidator or liquidators, and in all other matters relating to the winding-up subject to supervision, have regard to the wishes of the creditors or contributories as proved to it by any sufficient evidence.
(2.) The Court may direct meetings of the creditors or contributories to be summoned, held, and regulated in such manner as the Court directs for the purpose of ascertaining their wishes, and may appoint a person to act as chairman of any such meeting and to report the result of such meeting to the Court.
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(3.) In the case of creditors, regard is to be had to the value of the debts due to each creditor, and in the case of contributories to the number of votes conferred on each contributory by the regulations of the company.
Power of the Court to appoint or remove liquidators.
187.-(1.) Where an order is made for a winding-up subject to the supervision of the Court, the Court may, in such order or in any subsequent order, appoint any additional liquidator or liquidators.
(2.) Any liquidators so appointed by the Court shall have the same powers, be subject to the same obligations, and in all respects stand in the same position as if they had been appointed by the company.