1970-HKRS29-8-37_Part03 — Page 19

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(ii) by substituting a semicolon for the full stop at the end of paragraph (c) and adding thereafter the following new paragraph-

(d) all debts, other than statutory debts, due from the company to the Crown at the relevant date and which became due and payable within (welve months next before that date.";

(b) by adding, after subsection (1), the following new sub-

section-

“(LA) Where the relevant date is on or after the 1st day of June 1970, the sum of six thousand dollars shall be deemed to be substituted in each case for the sums of three thousand dollars referred to in paragraphs (b) and (c) respectively of sub- section (1).":

(c) by deleting subsection (3) and substituting the following

new subsections-

"(3) The debts specified in paragraphs (a), (b) and (c) of subsection (1)~

(e) shall have priority over the debts specified

in paragraph (d) of subsection (1)

(6) shall rank equally among themselves; and (c) shall be paid in full unless the assets are insufficient to meet them, in which case they shall abate in equal proportions among themselves.

(3A) The Governor may in any particular case waive the priority of the whole or any part of a statutory debt of the kind specified in paragraph (a) of subsection (1) in favour of the debts specified in paragraphs (b) and (c) of subsection (1), and any statutory debi or part of a statutory debt so waived shall have the same priority as if it were a debt specified in paragraph (d) of subsection (1).

(3B) The debts specified in subsection (1) shall, so far as the assets of the company available for payment of general creditors are insufficient to meet those debts, have priority over the claims of holders of debentures under any floating charge created by the company, and shall be paid accordingly out of any property comprised in or subject to the charge."; (d) in subsection (5)-

(by deleting the colon and substituting a full stop;

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(ii) by deleting the proviso:

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(e) by adding, after subsection (5), the following new sub-

section-

"(SA) Any money paid under a charge under subsection (5) shall be a debt due from the company to the landlord or other person having distrained, and such debt shall be discharged so far as the assets are sufficient to meet it after payment of the debts specified in subsection (1) but before payment of the other debts proved in the winding up.":

(f) by deleting subsection (6) and substituting the following

new subsection—

"(6) In this section-

(a) "statutory debt" means a debt the liability for which and the amount of which are determined by or under any provision in any Ordinance or imperial enactment; and (b) the relevant date" means—

(i) in the case of a company ordered to be wound up compulsorily, the date of the appointment (or first appointment) of a pro- visional liquidator or, if no such appoint- ment was made, the date of the winding up order, unless in either case the company bad commenced to be wound up voluntarily before that date; and

(ii) in any case where sub-paragraph (1) does not apply, the date of the commence- ment of the winding up.”.

Passed by the Hong Kong Legislative Council this 6th day of May, 1970.

Deputy Clerk of Councils.

This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.

Deputy Clerk of Councils.