Realisation
of securities held by secured creditors.
Enforce-
ment of
orders made
on applica- tions for
directions,
(5.) Any person injured by the operation of a disclaimer under this section shall, to the extent of the injury, be deemed to be a creditor of the person whose trade or personal affairs are being wound up.
(6.) Any person who alleges himself to be so injured shall, within six weeks of his being required by the liquids- tor 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,
(7.) Upon receiving such statement and the evidence in support thereof the liquidator shall proceed to almit 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 fiual for all purposes of the winding op.
(8.) 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 month of snch decision being communicated to him, to require the liquida- tor to apply to the Court for directions, and the liquilator 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. The party alleging himself to be injured shall be entitled any such application.
to be beard upon
(9.) It shall be lawful for the Court to enlarge the time limited in sub-section (6) or sub-section (8) of this section upon such terms as tho justice of the case may require, and any such enlargement may be ordered although the appli- cation for the same be not made until after the expiration of the time limited.
11-(1) It shall be lawful for any liquidator appointed under the principal Ordinance to give untico to any secured creditor of the person whose affairs such liquidator bas 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: Provided that the time so appointed shall not be less than oue mouth, and provided that no such notice shall be given except with the permis 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 creditor 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 provisious 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 vost the property in the liquidator and may give directions as to ibe salo of the property by the liquidator and may make such order as may be necessary for the purpose of enabling the liquidator to realise the property.
(6) In this section the words "terms of the security" shall ende any rights possessed by any corporate body over the shares in such corporate body in respect of debts. due 10 such corporate body.
12 Any order unde by the Court on any application by aliqnidator for directions under any of the provisions of the Alien Enemies (Winding up) Ordinances. 1911 to 1917, may be enforced in the same manner as any judgment or order of the Court in an action would be enforceable: Provided that no order made ou any such application for lirections shall be euforced without the permission of the Governor.
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13. No liquidator shall in any winding up ander the Liquidators Alien Enemies (Winding up) Ordinances, 1914 to 1917, not to sell or otherwise den with any immovable property in transfer
immovable sneh a way that it shall, either directly or indirectly and
property to either forthwith or after any interval of time, become pro- prohibited perty under probibited control.
control.
14.-(1.) No sale or lease of immovable property in any Statutory winding up under the Alien Enemies (Winding up) Ordi- declaration
unces, 1914 to 1917, shall be completed unless and until before the purchaser shall bave made a statutory declaration in
the appropriate form set forth in the schedule bereto.
(2.) Where the sale or lease is to a corporation such declaration shall be made by some officer of the corporation duly authorised thereto by the corporation and approved
for that purpose by the liquidator.
·
completion of sale or lease.
and others
15. (1) Except with the permission of the Governor, Purchasers no person by whom any immovable property sold by a που 10 liquidator in any winding up nader the Alien nemica transfor (Winding up) Ordinances, 1914 to 1917, is or shall be immovable held, shall sell, transfer, lenso, mortgage, bequeath or property to otherwise deal with any such property in such a way that prohibited
it shall, either directly or indirectly and either forthwith control. or after any interval of time, become property mudder pro- hibited control.
(2.) If any person contravenes the provisions of this section such person, or in the case of a deceased person his estate, shall forfeit to the Crown the sum of fifty thousand dollars to be recovered at the suit of the Attorney General,
(3.) The penalty provided in this section shall be with- our prejudice to any other penalty, or to any forfeiture, to which any auch person or his estate may be liable.
control.
16.-1.) If any immovable property sold, leased or Forfeiture otherwise dealt with by a liquidator in any winding up
of property under the Alien Enemies (Winding up) Ordinances, 1914 transferred to 1917, or any part of such property, shall have become to prohibited or shall become property under prohibited control, the Attorney General may apply to the Supreme Court for a declaration that such property or such part thereof be forfeited to the Crown, and the Court shall declare such property or such part thereof to be so forfeited, and there- upon it shall be so forfeited accordingly.
(2.) The forfeiture provided in this section shall be with- out prejudice to any penalty to which any person may be
liable.
17.-(1) The Governor may at any time require any Power of person claiming to be the owner of or to be entitled to any Governor immovable property sold by a liquidator in any winding up to require under the Alien Euenies (Winding up) Ordinances, 1914
owner of property to 1917, or any part thereof, to furnish to him in writing to furnish such particulars as may appear to him to be necessary to certain enable him to ascertain whether or not such property or particulars. such part thereof is under prohibited control, and in the case of a corporation may require any officer of the cor- poration to furnish the required particulars.
(2.) If any person fails when required to furnish such particulars as it is in his power to give or ascertain, or furnishes particulars which are false in any material particular, he shall be liable upon summary conviction to imprisonment for any term not exceeding one your and to a fine not exceeding five thousand dollars.
(3.) Where any partienlara have been furnished in accordance with this section such particulars may be used in evidence against the person or corporation by whom they are furnished in any proceedings under this Ordinance, and the fact that any person who has been required to furnish particulars in accordance with this section refuses or neg leets to furnish such particulars as it is in his power to give or ascertain or furnishes particulars which ard false in any material particular ebull Le primâ facie evidence in the case of proceedings ander this Ordinance that such property or such part thereof is under prohibited control.
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