1964 Ed.]
Trading with the Enemy.
[CAP. 346
7
who are not enemies in priority to unsecured debts due to any other creditors, and any balance, after providing for the discharge of all liabilities of the business, shall be distributed among the persons interested in the business in such manner as the Governor may direct:
Provided that the provisions of this subsection shall, in their application to the distribution of any money or other property which would, in accordance with those provisions, fall to be paid or transferred to an enemy, whether as a creditor or otherwise, have effect subject to the provisions of section 10 and of any order made under that section.
(4) Where any business in respect of which a controller has been appointed under this section has assets in enemy territory, the controller, if in his opinion it is practicable so to do, shall cause an estimate to be prepared-
(a) of the value of those assets;
(b) of the amount of any liabilities of the business to creditors, whether secured or unsecured, who are enemies;
(c) of the amount of the claims of persons who are enemies to participate, otherwise than as creditors of the business, in any distribution of assets of the business made while an order under subsection (1) is in force in respect of the business,
and, where such an estimate is made, the said liabilities and claims shall, for the purposes of this section, be deemed to have been satisfied out of the said assets of the business in enemy territory, or to have been satisfied thereout so far as those assets will go, and only the balance, if any, shall rank for satisfaction out of the other assets of the business.
(5) Where an estimate has been prepared under subsection (4), a certificate of the controller as to the value or amount of any assets, claims or liabilities to which the estimate relates shall be conclusive for the purpose of determining the amount of the assets of the business available for discharging the other liabilities of the business and for distribution amongst other persons claiming to be interested in the business:
Provided that nothing in this subsection shall affect the rights of creditors of, and other persons interested in, the business against the assets of the business in enemy territory.
(6) The Governor, on an application made by the controller appointed under this section and after considering the application and any objections which may be made by any person who appears to him to be interested, may by order grant to the controller a release, and an order of the Governor under this subsection shall discharge the controller from all liability in respect of any act done or default made by him in the exercise and performance of his powers and duties as controller: