928
Power of court to appoint and
renove
liquidator in voluntary winding up. 19 & 20 Geo.
5, c. 23
8. 249.
Notice by
liquidator of his
appoint-
ment.
19 & 20 Geo
5, c. 23,
3. 250.
Arrange-
ment when binding on creditors.
19 & 20 Geo. 5, c. 23, s. 251,
Power to
apply to
04
(b) without sanction, exercise any of the other powers by this Ordinance given to the liquida- tor in a winding up by the court:
(e) exercise the power of the court under this Ordinance of settling a list of contributories, and the Irst of contributories shall be primá facie evidence of the liability of the persons named therein to be contributories:
(d) exercise the power of the court of making
calls:
(e) summon general meetings of the company for the purpose of obtaining the sanction of the company by special or extraordinary resolution or for any other purpose he may think fit.
(2) The liquidator shall pay the debts of the com- pany and shall adjust the rights of the contributories among themselves.
(3) When several liquidators are appointed, any power given by this Ordinance may be exercised by such one or more of them as may be determined at the time of their appointment, or, in default of such determination, by any number not less than two.
238.—(1) If from any cause whatever there is no liquidator acting, the court may appoint a liquidator.
(2) The court may, on cause shown, remove liquidator and appoint another liquidator.
A
239. (1) The liquidator shall, within five weeks after his oppointinent, deliver to the registrar of companies for registration a notice of his appointment in the form prescribed.
(2) If the liquidator fails to comply with the require- ments of this section he shall be liable to a fine not exceeding fifty dollars for every day during which the default continues.
240. (1) Any arrangement entered into between a company about to be, or in the course of being, wound up and its creditors shal!, subject to the right of appeal under this section, be binding on the com. pany if sanctioned by an extraordinary resolution, and on the creditors if acceded to by three-fourths in number and value of the creditors.
(2) Any creditor or contributory may, within three weeks from the completion of the arrangement, appeal to the court against it, and the court may thereupon, as it thinks just, amend, vary, or confirm the arrangement.
241. (1) The liquidator or any contributory creditor may apply to the court to determine any question arising in the winding up of a company, or to exercise, as respects the enforcing of calls, or any other matter, all or any of the powers which the court might exercise if the company were being wound 19 & 20 Geo up by the court.
court to have ques- tions deter mined or powers exercised.
5, c. 23,
5. 252.
Costs of voluntary
winding "P.
19 & 20 Geo. 5, c. 23.
s. 254.
(2) The court, if satisfied that the determination of the question or the required exercise of power will be just and beneficial, may accede wholly or partially to the application on such terms and conditions as it thinks fit, or may make such other order on the application as it thinks just.
242. All costs, charges, and expenses properly incurred in the winding up, including the remunera- tion of the liquidator, shall be payable out of the assets of the company in priority to all other claims.
95
243. The winding up of a company shall not har Saving for the right of any creditor or contributory to have it rights of wound up by the court, but in the case of an applica- crediters tion by
contributory, the court must be satisfied that the rights of the contributories will be prejudiced 19 & 20 Geo. by a voluntary winding up.
ó, c. 23,
(iv) WINDING UP SUBJECT TO SUPERVISION OF COURT.
and con- Tribulories.
B. 255.
244. When a company has passed a resolution for Power to voluntary winding up, the court may make an order order wind- that the voluntary winding up shall continue but subject to such supervision of the court, and with subject to
such liberty for creditors, contributories, or others 13 19 & 20 Geo.
supervision apply to the court, and generally on such terms and c. 23, conditions, as the court thinks just.
✰ 256.
245. A petition for the continuance of a voluntary Effect of winding up subject to the supervision of the court petition for shall, for the purpose of giving jurisdiction to the winding up court over actions, be deemed to be a petition for winding up by the court.
subject to supervision. 19 & 20 Geo.
5, c. 23, s. 257.
and to
246. A winding up subject to the supervision of Application the court shall, for the purposes of sections One of ss. 168 hundred and sixty-eight and one hundred and sixty-winding up nine of this Ordinance, be deemed to be a winding up subject to by the court.
supervision. 19 & 20 Geo. 5, c. 23, : 258.
remove
247,-(1) Where an order is made for a winding up Power of subject to supervision, the court may by that or any court to subsequent order appoint an additional liquidator. appoint or (2) A liquidator appointed by the court under this liquidators section shall have the same powers, be subject to the 19 & 20 Ge. same obligations, and in all respects stand in the 5, c. 23, same position, as if he had been duly appointed in accordance with the provisions of this Ordinance with respect to the appointment of liquidators in a volun- bary winding up.
(3) The court may remove any liquidator so ap pointed by the court or any liquidator continued under the supervision order and fill any vacancy occasioned by the removal, or by death or resigns- tion.
a. 259.
248.-(1) Where an order is made for a winding Effect of up subject to supervision, the liquidator may, subject supervision to any restrictions imposed by the court, exercise all order. his powers, without the sanction or intervention of 19 & 20 Geo.
5, c. 23, the court, in the same manner as if the company. 260. wore being wound up altogether voluntarily:
Provided that the powers specified in paragraphs (d), (e) and () of subsection (1) of sectiou one hundred and eighty-five of this Ordinance shall not be exercised by the liquidator except with the sanction of the court or, in a case where before the order the winding up was a creditor's voluntary winding up. with the sanction of either the court cr tue committee of inspection.
(2) A winding up subject to the supervision of the court is not a winding up by the court for the purpose of the provisions of this Ordinance which are set out in the Eighth Schedule to this Ordinance. but, subject as aforesaid, an order for a winding up subject to supervision shall for all purposes be deemed to be an order for winding up by the court: Provided that where the order for winding up subject to supervision was made in relation to creditor's voluntary winding up in which a committee of inspection had been appointed, the order shall be deemed to be an order for winding up by the court for the purpose of section one hundred and ninety- three (except subsection (1) thereof) of thus Ordinance, except in so far as the operation of that section is excluded in a voluntary winding up by general rules.
229