i
Court may
52
stayed, make an order staying the proceedings, either altogether or for a limited time, on such terms and con- ditions as the court thinks fit.
140. The court may, as to all matters relating to a have regard winding up, have regard to the wishes of the creditors or
contributories as proved to it by any sufficient evidence.
to wishes of
creditors or
contribu-
tories.
& Edw. 7 c.
69 s. 145.
Definition
of official
receiver. 7. s. 146.
Statement of
company's affairs to be submitted to
official receiver. Ib. s. 147.
Report by official receiver.
b. s. 148.
Official Receiver.
141.-(1) For the purposes of this Ordinance so far as it relates to the winding up of companies by the court the term "official receiver" shall mean the official receiver, if any, attached to the court for bankruptcy purposes, or, if there is more than one such official receiver, then such one of them as the Governor may appoint, or, if there is no such official receiver, then an officer appointed for the purpose by the Governor.
(2) Any such officer shall for the purpose of his duties under this Ordinance be styled the official receiver.
142-(1) Where the court has made a winding-up order, there shall be made out and submitted to the official receiver a statement as to the affairs of the company in the prescribed form, verified by affidavit, and showing the particulars of its assets, debts, and liabilities, the names, residences, and occupations of its creditors, the securities held by them respectively, the dates when the securities were respectively given, and such farther or other informa- tion as may be prescribed or as the official receiver may require.
(2) The statement shall be submitted and verified by one or more of the persous who are at the time of the winding-up order the directors and by the person who is at that time the secretary or other chief officer of the com~ pany, or by such of the persons being or having been directors or officers of the company, or having taken part in the formation of the company at any time within one year before the winding-up order, as the official receiver. subject to the direction of the court, may require to submit and verify the same.
(3) The statement shall be submitted within twenty-eight days from the date of the order, or within such extended time as the official receiver or the court may for special reasons appoint.
(4) Any person making or concurring in making the statement and affidavit required by this section shall be allowed, and shall be paid by the official reeciver, out of the assets of the company, such costs and expenses in- enrred in and about the preparation and making of the statement and affidavit as the official receiver may consider reasonable, subject to an appeal to the court.
(5) If any person, without reasonable exense, mukes default in complying with the requirements of this section, he shall be liable ro a tine not exceeding one hundred dollars for every day during which the default continues.
(6) Any person stating himself in writing to be a creditor or contributory of the company shall be entitled by himself or by his agent at all reasonable times, ou payment of the prescribed fee, to iuspoet the statement submitted in pursuance of this section, and to a copy thereof or extract therefrom. But any person untruthfully so stating himself to be a creditor or contributory shall be guilty of a con- tempt of court and shall be punishable accordingly application of the liquidator or of the official receiver.
on the
1431) Where the court has made a winding-up order, the official receiver shall, us soon as practicable after receipt of the statement of the company's affairs, submit a preliminary report to the court---
(4) as to the amount of capital issued, subscribed, and paid up, and the estimated amount of assets and liabilities; and
() if the company has failed, as to the causes of
the failure; and
53
(e) whether in his opinion further inquiry is desir- able as to any matter relating to the promotion, formation, or failure of the company, or the conduct of the business thereof.
(2) The official receiver may also, if he thinks fit, make
a further report, or further reports, stating the manner in which the company was formed and whether in his opinion any fraud has been committed by any person in its promo- tion or formation, or by any director or officer of the company in relation to the company since the formation thereof, and any other matters which in his opinion it is desirable to bring to the notice of the court.
Liquidators,
144.-(1) For the purpose of conducting the proceed- Appoint- ings in winding up a company and performing such duties ment, re- iu reference thereto as the court may impose, the court may had title of appoint a liquidator or liquidators.
(2) The court may make such an appointment provi- sionally at any time after the presentation of a petition and before the making of an order for winding up.
(3)-() If a provisional liquidator is appointed before the making of a winding-up order, the official re- ceiver or any other fit person may be appointed: (6) On a winding-up order being made the official receiver shall by virtue of his office become the provisional liquidator and shall continue to act as such until he or another person becomes liquidator and is capable of acting as such : (c) When a person other than the official reeciver is appointed liquidator he shall not be capable of acting as liquidator until he has notified his appointment to the registrar of companies and given security to the satisfaction of the official receiver.
(4) If more than oue liquidator is appointed by the court, the court shall declare whether any net by this Ordinance required or authorised to be done by the liquidator is to be done by all or any tune or more of the personE appointed.
(5) A liquidator appointed by the court may resign or,
ou cause shown, be removed by the court.
(6) A vacancy in the office of a liquidator appointed by the court shall be filled by the court and the official receiver shall by virtue of his office be the liquidator during the vacancy.
(7) Where a person other than the official receiver is appointed liquidator, he shall receive such salary or remu- neration by way of percentage or otherwise as the court may direct; and, if more such persons than one are appointed liquidators, their remuneration shall be distributed among them in such proportions as the court directs.
(8) A liquidator shall be described, where a person other than the official receiver is liquidator, by the style of the liquidator, and, where the official receiver is liquidator, by the style of the official receiver and liquidator, of the particular company in respect of which he is appointed, and not by individual name.
(9) The acts of a liquidator shall be valid notwithstand- ing any defects that may afterwards he discovered in his appointment or qualification,
muneration,
liquidators. 9 Edw. 7 e. 69 s. 149.
145. In a winding up by the court the liquidator Custody of shall take into his custody, or under his control, all the company's
property. property and things in action to which the company is or Th. s. 150.
appears to be entitled,
146(1) The liquidator in a winding up by the conrt Powers of shall bave power, with the sauction either of the court or liquidator. of the committee of inspection—
(a) to bring or defend any action or other legal proceeding in the name and on behalf of the Company:
ZU. s. 161.
4
437