513
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(f) Power to appoint a liquidator of the affairs of any association of persons or organisation which is or at any time since the outbreak of war bas been composed in whole or part of alien ene- inies or which at any time since the outbreak of war has been in whole or part represented in the Colony by an alieu enemy.
(2.) Every such liquidator shall have as full rights and powers as any other liquidator appointed under the pria- ripsi Ordinance.
6-(1.) Every liquidator appointed under the principal Transfer of Ordinance to wind up the affairs or extate of any person shall property. for all purposes whatsoever be deemed to live power, and at all times to have had power, while acting as such liquidator, 10 transfer all the property of whatever description within the Colony of such person, or vasted in sneli person, or belonging to such estate, in all respects as fully na if the transfer had been duly made or executed by or on behalf of such person, or by or on behalf of his legal personal representative, as the case may be, and any such transfor by aneb liquidator shall be deemed to pass all the legal estate in such property which may be or was vested in such person, or in his legal personal representative, at the date of such transfer.
(2) Nothing in this section shall be construed K limiting in any way whatsoever any powers which any liquidator appointed under the principal Ordinance would have possessed if this section had not been enacted.
7. The rights and powers of a liquidator under the Hights and Alien Enemies (Winding up) Ordinances, 1914 to 1916, powers to shall pass, and shall be deemed always to have passed, pass from from liquidator to liquidator, so as to be exercisable by the -liquidator to liquidator for the time being during his continuance in
liquidator. office.
not accrue
8.-(1.) In every winding up undor the Alien Enemies Distribution (Winding up) Ordinances, 1914 to 1916, it shall be lawful on the for the liquidator to distribute the assets in the first in- footing that stance on the footing that no interest has accrued or shall interest does accrue on any debt after the first appointment of a liquida- after the tor of the trade or personal atlairs of the person whose commence assets are about to be or are being distributod; Provided ment of the that nothing in this section shall affect the rights of any winding up. secured creditor in respect of any security held by him.
(2.) Auy surplus assets remaining after such distribu- tion may be applied rateably in the payment of claims for interest,
enemies:
9. 1 every winding up under the Alien Enemies Priority over (Winding up) Ordinances, 1914 to 1915, the assets shall, debts due to so far as they are available for discharging unsecured debis, 5 & 6 Geo. be applied in discharging such debts due to creditors who are not enemies in priority to the unsecured lebts duo to creditors who are enemies : Provided that nothing in this section shall be construed as authorising any payment being made to a creditor who is an enemy.
5, c. 105,
1 (3)
10-(1) Every liquidator appointed under the princi- Disclaimer. pal Ordinance to wind up the trade or personal affairs of Any person may, by writing signed by him, with the per- mission of the Governor, disclaim any tease or contract under which such person is subject to any liability.
(2.) Notwithstanding anything containing in section 10 of the principal Ordinance, such disclaimer shall operate to de- termine, is from the date on which the disclaimer is signed, the rights intorests and liabilities of such persou under the lease or contract disclaimed, but shall not, except so far a is necessary for the said purpose, affect the rights or liabi- lities of any other person.
(3.) Notice of such disclaimer shall, so far na is practi- cable, be given to every party to the lease or contmet disclaimed other than the person whose affairs are being wound up: Provided that no such disclaimer shall be void or otherwise affected on the ground only that any notice required by this sub-section shall not have been given.
Realisation
of securities
hold by
secured
creditors.
Enforce- ment of
on applies- Lions for directions.
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(4.) Any person injured by the operation of a disclaimer under this section shail, to the extent of the injury, be deemed to be a creditor of the person whose trade or personal affairs are being wound up.
(5.) Any person who alleges himself to be so iajurod shall, within six weeks of his being required by the liquida- for to do so, furnish to the liquidator a statement of the extent of such injury, verified by statutory declaration, together with the evidence in support of such statement,
(6.) Upon receiving such statement and the evidence in support thereof the liquidator shall proceed to admit or reject such claim or to admit it in part, and, subject to any order made by the Court under the next succeeding sub- section, his decision shall be final for all purposes of the winding up.
(7.) If the party alleging himself to be injured by the operation of the disclaimer shall be dissatisfied with such decision it shall be lawful for him, within one week of such decision being communicated to bim, to require the liquidla- tor to apply to the Court for directions, and the liquidator shall thereupon apply to the Court for directions, and any order made by the Court on any such application shall be final for all purposes of the winding up.
(8.) It shall be lawful for the Court, to enlarge the time limited in sub-section (5) or sub-section (7) of this section upon such terms as the justier of the case may require, sud any such enlargement may be ordered although the appli calion for the same is hot made uunil after lie expiration of the time limited,
11.—(1.) It shall be lawful for any liquidator appointed under the principal Ordinance to give notice to any secured creditor of the person whose affairs such liquidator hus been appointed to wind up to realise his security within such time from the receipt of such notice by the secured creditor as the liquidator may by such notice or by any modification thereof appoint z Provided that the time so appointed shall not be less than one month, and provided that no such notice shall be given except with the perinis- sion of the Governor.
(2.) The secured creditor shall realise his security within. the time appointed, and shall furnish forthwith to the liquidator an account of the proceeds of such realisation.
(3.) Where the proceeds of such realisation exceed the amount to which the secured creditor is entitled under the terms of the security the secured editor shall forthwith pay any surplus to the liquidator.
(4.) If there be any dispute as to the amount to which the secured creditor is entitled, or if the secured creditor fail to comply with any of the provisions of this section, the liquidator shall apply to the Court for directions and any order made by the Court on such application shall be final for all purposes of the winding up.
(5.) If the secured creditor fails to realise his security within the time limited the Court may by order vest the property in the liquidator and may give directions is to the sale of the property by the liquidator and may make auch order ng may be necessary for the purpose of enabling the liquidator to realise the property,
(6) In this section the words "term" of the security shall include any rights possessed by any corporate body over the shares in such corporate body in respect of delis dne to such corporate body.
12 Any order made by the Court on any application by orders made liquidator for directions under any of the provisions of the Alien Enemies (Winding up) Ordinances, 1914 to 1916, may be enforced in the same matter as any judgmen or order of the Court is an action would be enforceable : Provided that no order made on any such application for directions shall be enfureed without the permission of the Governor.
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