880 [ 30 OF 1886. ] COMPANIES .
PART VI.
Claims in winding-up.
Judicature
Act 1873 sec. 12. In the winding -iip of any company under The Companies
10 . Ordinances 1865 to 1886 whose assets may prove insufficient
for the payment of its debts and liabilities and the costs of
winding -up, the same rules shall prevail and be observed as to
the respective rights of secured and unsecured creditors as to
debts and liabilities provable and as to the valuation of annui
ties and future and contingent liabilites respectively as may be
in force for the time being under the law of bankruptcy with
respect to the estate of persons adjudged bankrupt ; and all
persons who in any such case would be entitled to prove for
and receive dividends out of the assets of any such company
may come in under the winding -up of such coinpany, and make
such claim against the same as they may be entitled to under
any proceedings in bankruptcy.
Wages and
salary to be
13. In the distribution of the assets of any company being
preferential wound up under The Companies Ordinances 1865 to 1886, there
claims.
shall be paid in priority to other debts,
( 46 & 47 V. c.
28, s. 4. ] (a.) All wages or salary of any clerk or servant in respect
of service rendered to the company during four
months before the commencement of the winding
up not exceeding two hundred and forty dollars ;
and
( 1. ) All wages of any labourer or workman in respect of
services rendered to the company during two
months before the commencement of the winding
up .
1
Such claims 1
to rank 14. The debts mentioned in the preceding section shall rank 1
equally. equally among themselves, and shall be paid in full, unless the
(16 & 17 v. c. assets of the company are insufficient to meet them , in which
28, s. 5.]
case they shall abate in equal proportions between themselves.
Liquidator to 15. Subject to the retention of such sums as may be necessary
discharge
same upon for the costs of administration or otherwise, the liquidator or
receipt of
sufficient
liquidators or official liquidator shall discharge the said last
assets. mentioned debts forthwith, so far as the assets of the company
[46 & 17V.
28, s. 6. ]
c. are and will be sufficient to ineet them , as and when such assets
come into the hands of such liquidator or liquidators or official
liquidator.
PART VII.
Miscellaneous.
Reception as 16. And whereas it is expedient to make provision for the
legalevidence reception as legal evidence of certiticates of incorporation other