GG
(5) The date herein before in this section referred to is--
(a) in the case of a company ordered to be wound
up compulsorily which had not previously com menced to be wound up voluntarily, the date of the winding up order; and
(8) in any other case, the date of the commencement
of the winding up.
Edw. 7 c.
201.-(1) Any conveyance, mortgage, delivery of goods Fraudulent payment, execution, or other act relating to property which preference. world, if made or done by or against an individual, be 39 s 210. decmed in his bankruptey à Frandulent preference, shail, if nade or done by or against a company, be deemed, in the event of its being wound up, a fraudulent preference of its creditors, and be invalid accordingly.
(2) For the purposes of this section the presentation of a petition for winding up in the case of a winding up by or subject to the supervision of the court, aul a resolution for winding up in the case of a voluntary winding up, shall be deemed to correspond with the act of bankruptcy in the case of an individual.
(3) Any couveyance or assignment by a company of all its property to trustees for the benefit of all its creditors shall be void to all intents.
202. Where any company is being wound up by or avoidance subject to the supervision of the court, any attachment, of certain sequestration, distress, or execution put in force against the attachments, estate or offects of the company after the commencement of execution, the winding up shall be void to all intents,
c.
b. s. 211.
lb. s. 212.
203. Where a company is being wound up, a flouting Effect of charge on the undertaking or property of the company floating created within three months of the commencement of the
charge. winding up shall, unless it is proved that the company immediately after the creation of the charge was solvent, be invalid, except to the amount of any cash paid to the company at the time of or subsequently to the creation of, and in consideration for, the charge, together with interest on that amount at the rate of five per cent, per annum.
204.-(1) The liquidator may, with the sanction follow- General ing (that is to say)—
Rcheine of liquidation
(a) in the case of a winding up by the court with may be
the sanction either of the court or of the com- sanctioned. mittee of inspection;
(b) in the case of any winding up subject to super- vision, with the sauction of the count; and
(e) in the ease of a voluntary winding up, with the sauction of an extraordinary resolution of the company,
do the following things or any of them ---
(7) Pay any classes of creditors in full;
(i) Make any compromise or arrangement with creditors or persons claiming to be creditors, or having or alleging themselves to have any claim, present or future, certain or contingent, ascor tained or sending only in damages against the company, or whereby the company may be rendere liable;
(ii) Compromise all calls and liabilities to calis, debts, and liabilities capable of resulting in debts, and all claims, present or fature, certain er contingent, ascertained or sounding only in damages, subsisting or supposed to subsist between the company nud a contributory, or alleged contributory, or other debtor or person apprehending liability to the company, and all questions in any way relating to or affecting the assets or the winding up of the company, on such terms as may be agreed, and take any security for the discharge of any such call, debt, liability or claim, and give a complete discharge in respect thereof.
Eb, s. 214.
Power of court to as-
against de- linquent
8 Elw. 7 c. 69 s. 216.
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(2) In the case of a winding up by the court the exer- cise by the liquidator of the powers of this section shall be subject to the control of the court, and my creditor or contributory may apply to the court with respect to any of those poweTS.
205.-(1) Where in the course of winding up a com- pany it appears that any person who has taken part in the sess damages formation or promotion of the company, or any past or present director, manager, or liquidator, or any officer of directors, &c. the company, has misapplied or retained or become liable or accountable for any money or property of the company, or been guilty of any misfeasance or breach of trust in relation to the company, the court may, on the application of the official receiver, or of the liquidator, or of any creditor or contributory, examine into the conduct of the promoter, director, mauager, liquidator, or officer, and compel him to repay or restore the money or property or any part thereof respectively with interest at such rate as the court thinks just, or to contribute such sum to the assets of the company by way of compensation in respect of the misapplication, retainer, misfensance, or breach of trust as the court thinks just.
(2) This section shall apply norwithstanding that the offence is que for which the offender may be criminally responsible.
(3) Where in the case of a winding up an order for payment of money is made under this section, the order shall be deemed to be a final judgment within the meaning Ordinance of paragraph (g) of subsection (1) of section three of the No. 7 of 1891. Bankruptcy Ordinavce, 1891.
Falsification
demeanor.
Th, s, 216,
206. If any director, officer, or contributory of nuy of banks mis. company being wound up destroys, mutilates, alters, or falsifies any books, papers, or sentities, or makes or is privy to the making of any false or fraudulent entry in any register, book of account, or document belonging to the company with intent to defraud or deceive any person, he shall be guilty of a misdemeanor.
Prosecution 207-(1) If it appears to the court in the course of a of delinquent winding up by or subject to the supervision of the court directors, &c. that any past or present director, inaunger, officer, or 16. e. 217.
member of the company has been guilty of any offence in relation to the company for which he is criminally res- ponsible, the court may on the application of any persou interested in the winding up, or of its own motion, direct the liquidator to prosecute for the offence, and may order the costs and expenses to be paid out of the assets of the company,
Penalty on perjury.
18. s. 218.
Meetings to ascertain wishes of creditors or contribu. tories.
b. 219.
(2) If it appears to the quilator in the course of a voluntary winding up that any past or present director, manager, officer, or member of the company has been guilty of any offence in relation to the company for which he is criminally responsible, the liquidator, with tho provious sanction of the court, may prosecute the offender, and expenses properly inenrred by him in the prosecution shall be payable out of the assets of the company in priority to all other liabilities.
203. If any person, on examination on bath authorised under this Ordivance or in any affidavit or deposition in or about the winding up of any company or otherwise in or about any matter rising under this Ordinance wilfully and corruptly gives false evidence, he shall be liable to the penulties for wilful perjury.
209.-(1) Where by this Ordinance the court is autho- rised, in relation to winding up, to have regard to the wishes of creditors or contributories, as proved to it by any sufficient evidence, the court may, if it thinks fit, for the purpose of ascertaining those wishes, direct meetings of the creditors or contrilatories to be called, held, and conducted in such manner as the court directs, and may appoint a person to act as chairman of any such meeting and to report the result thereof to the court.
(2) In the case of creditors, regard shall be had to the value of each creditor's debt.
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