64
189. All costs, charges, and expenses properly incurred Coats of in the voluntary winding up of a company, including the voluntary remuneration of the liquidator, shall be payable out of the liquidation, assets of the company in priority to all other claims.
1. s. 196.
190. The voluntary winding up of a company shall not Saving for bar the right of any ereditor or contributory to have it rights of wound up by the court, if the court is of opinion, in the creditors and case of an application by a creditor, that the rights of the contribu- creditor or, in the case of an application by a contributory, 78, s. 197. that the rights of the contributories will be prejudiced by a voluntary winding up.
torics.
191. Where a company is being wond up voluntarily, fower of and an order is made for winding up by the court, the court to court may if it thinks fit by the same or any subsequent order adapt pro- provide for the adoption of all or any of the proceedings in ceedings of the voluntary winding up.
Winding Up subject to Supervision of Court.
voluntary
winding up. th, s. 199.
192. When a company has by special or extraordinny Power to resolution resolved to wind up voluntarily, the court may order wind- make an order that the voluntary winding up shall continue ing up sub- but subject to such supervision of the court, and with such fees to super- liberty for creditors. contributories, or others to apply to 76, 199. the court, and generally on sneb terms and conditions as the court thinks just.
vision.
198. A petition for the coutinuance of a voluntary Effect of winding up subject to the supervision of the court shall, petition for for the purpose of giving jurisdiction to the court over winding up actions, be deemed to be a petition for winding up by the subject to
supervision. Zb. 9, 200.
court.
194. The court may, in deciding between a winding up court may by the court and a winding up subject to supervision, in have regard the appointment of liquidators, and in all other matters to wishes of relating to the winding up subject to supervision, have creditors and regard to the wishes of the creditors or contributories as contribu- proved to it by any sufficient evidence.
tories.
♫b, a, 201.
195.--(1) Whore an order is made for a winding ap Power for subject to supervision, the court way by the same or any court to ap enbsequent order appoint any additional liquidator.
point or re- move liquí-
(2) A liquidator appointed by the court under this dators. section shall have the same pewers, be subject to the same 8 Edw. 7 c. obligations, and in all respects stand in the same position as 49 5, 202. if he had been appointed by the company.
(3) The court may remove any liquidator so appointed by the court or any liquidator continued under the supervi sion order and fill any vacancy occasioned by the removal, or by death or resignation.
196.-(1) Where an order is made for a winding up Effect of subject to supervision, the liquidator may, subject to any supervision restrictions imposed by the court, exercise all his powers, order. without the sanction or intervention of the court, in the 2. s. 203. same tununer as if the company wore being wound up altogether voluntarily.
(2) A winding up subject to the supervision of the court is not a winding up by the court for the purpose of the following provisions of this Ordinance namely, those contained in sections one hundred and forty-one, one hundred and forty-two, one hundred and forty-thuce, except subsection (9), one hundred and forty-sis, one hundred and forty-sevou, one hundred and forty-eight, one hundred and forty-nine, one hundred and fifty, one hundred and fifty- ene, one hundred and fifty-two, one hundred and fifty-three, one budred and fifty-four, one hundred and fifty-five, fone hundred and sixty, one hundred and sixty-sevoli, and que-free- one hundred and sixty-nine, but, subject as aforesaid, an dverbrand order for a winding up subject to supervision shall for all typin ourposes, including the staying of actions and other pro- peelings, the making and enforcement of calls, and the exercise of all other powers, be deemed to be an order for winding up by the court.
Avoidance of
65
Supplemental Provisions.
197-(1) In the case of voluntary winding up, every transfers, &c. transfer of shares, except transfers made to or with the sanetion of the liquidator, and every alteration in the status
after com-
mencement
of winding up.
8 Edw. 7 c. 69 s. 250.
Debts of all descriptions
76, s. 206.
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 ap 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 sltares, or alteration in the status of its members, made after the commencement of the winding up, shall, unless the court otherwise orders, be void.
198. In every winding up (subject in the ease of insol- vent companies to the application in accordance with the to be proved. provisions of this Ordinance of the law of bankruptcy) all debts payable on a contingency, and all claims against the company, present or future, certain or contingut, ascer- tained or sounding only in damages, shall be a-missible to proof against the company, a just estimate being made, so far as possible, of the value of such debts or claims as may be subject to any contingener or stand only in damages, or for some other reason do not bear a certain value.
Application of bank-
rupter rules
in windling up of insel. rest com- panies.
10. 8. 2017.
Preferential payments.
Ib, s. 209.
199. In the winding up of an insolvent company, the sune 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 annuities and future and contingent liabilities as are in force for the time boing under the law of bankruptcy with respect to the estales of persons adjudged bankrupt; and all persous whe 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 such claims against the company as they respectively are entitled to by virtue of this section.
200.-(1) In a winding up there shall be paid in prior- ity to other debts--
(a) All Joen! rates due from the company at the date hereinafter mentioned, and having become due and payable within twelve months next before that date; und
(6) All wages or salary of any clerk or servant in rospect of services rendered to the company during four mouths before the said date, net exceeding five hundred dollars: and
(c) All wages of any workman or labourer not exceeding two hundred and fifty dollars, whether payable for time or for piece work, in respect of services rendered to the company during two mouths before the said date,
(2) The foregoing debts shall-
(a) 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; ami
(b) So far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over the claims of holders of debentures nuder any floating charge created by the company, and be paid necord- ingly out of any property comprised in or subject to that charge.
(3) Subject to the retention of such surus as may he necessary for the costs and expenses of the winding up, the foregoing debts shall be discharged forthwith so far as the assets are suflicient to meet the.
(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 sale theroof:
Provided that in respect of any money paid under any such chargo the person sutitled to apply for a warrant of distress shall have the same rights of priority as the person to whom the payment is made.
333
242