is
Power to appoint official receiver as receiver for debenture holders or
creditors.
8 Edw. 7 e.
69 & 162.
Settlement
of list of con- and applies.
tribntories
58
(2) The special manager shall give such security and Reconni in such manner as the official receiver directs.
(8) The special manager shall receive such renumeration as may be fixed by the court.
157. Where an application is mile to the court to appoint a receiver on behalf of the debenture holders or other creditors of a company which is being wound up by the court the official receiver may be so appointed.
Ordinary Powers of Court,
158.-() As soon as may be after making a winding- up order, the court shall settle a list of contributories, with power to rectify the register of members in all cases where
tion of assets. rectification is required in pursuance of this Ordinance, and Ib, s. 168. shall cause the assets of the company to be collected, and
applied in discharge of its liabilities,
Power to
require
delivery of property. Ib. s. 164.
Power to order pay- ment of debts by contributory. 1b. s. 16.
Power of
court to make calls. 16. 9. 160.
Power to
erder pay- ment into bauk.
ĺb, s. 167.
(2) In settling the list of contributories, the court shall distinguish between persons who are contributories in their own right and persons who are contributories as being representatives of or liable to the debts of others,
19. The court may, at any time after making a wind- ing-up order, require any contributory for the time being settled on the list of contributories, and any trustee, receiver, banker, agent, or officer of the company to pay, deliver, couver, surrender, or transfer forthwith, or withi such time as the court directs, to the liquidator any money, property, or books and papers in his hands to which the company is primâ facie cutitled,
160.-(1) The court may, at any time after making a winding-up order, make an order on any contributory for the time being settled on the list of contributories to pay, in manner directed by the order, any money due from him or from the estate of the person whom he represents to the company, exclusive of any money payable by him or the estate by virtue of any call in pursuance of this Ordinance, (2) The court in making such an order may, in the ense of an unlimited company, allow to the contributory by way of set-off any money due to him or the estate which be copresents from the company on any independent dealing or contract with the company, but not any money due to him as a member of the company in respect of any dividend or profit ; and may, in the ease of a limited company, make to any director or manager whose liability is nulimited or to his estate the like allowance.
(3) But in the ease of any company, whether limited or unlimited, when all the creditors are paid in fuil, any money due on any account whatever to a contributory from the company may be allowed to him by way of set-off against any subsequent call.
161-(1) The court may, at any time after making a winding-up order, and either before or after it has aster- tained the sufficiency of the assets of the company, make calls on and order payment thereof by all or any of the contrilatories for the time being settled on the list of the contributeries to the extent of their liability, for payment of any money which the court considers necessary to satisfy the debts and liabilities of the company, and the casts, charges, and expenses of winding up, and for the adjust- tent of the rights of the contributories among themselves.
(2) Tu making a call the count may take into considera- tion the probability that some of the contributories may partly or wholly fail to pay the call.
162.-(1) The court may order any contributory, pur- chaser or other person from whom money is due to the company to pay the same imo sach Bank as the court may direct to the account of the liquidator instead of to the liquidator, and any such order may be enforced in the same manner as if it had directed payment to the liquidator.
(2) All moueys and securities paid or delivered into such Bank in the event of a winding up by the court shall be subject in all respects to the orders of the court,
59
163.--(1) An order minde by the court on a contrilatory Order on shall (subject to any right of appeal) be conclusive evidence contributory that the money, if any, thereby appearing to be due or conclusive ordered to be paid is due.
evidence. 8 Edw. 7 c.
(2) All other pertinent maiters stated in the order shall 69 s. 1, 68 be taken to be truly stated as against all persons, and in all proceedings, except proceedings against the real estate of a dercased contributory, in which case the order shall be only prima facie evidence for the purpose of charging his real estate, unless his heirs or devisees were on the list of contributories at the time of the order being made.
164. The comt may fix a time or times within which Power to creditors are to prove their days or claims, or to be exclude excluded from the benefit of any distribution made before clitors not those debts are proved.
proving in time. Ib, a, 169.
165. The court shall adjust the rights of the contri- Adjustment butories among themselves, and distribute any surplus of rights of
Among the persons entitled thereto.
contribu-
tories. Jb. s 170.
166. The court may, in the event of the assets being Power to insufficient to satisfy the liabilities, mako on onder as to order costa, payment out of the assets of the costs, charges, and b. s. 171, expenses incurred in the winding up in such order of priority as the cout thinks just.
167.-(1) When the affairs of a company have been Dissolution completely wond op, the court shall make an order that of company. the company be dissolved from the date of the order, and 16.3. 172. the company shall he dissolved accordingly.
(2) The order shall be reported by the liquidator to the registrar of companies who shall make in his books a minute of the dissolation of the company.
(3) If the liquidator makes default in complying with the requirements of this section he shall be liable to a five not execeding fifty dollars for every day during which he is in default.
108. General rules may be made for enabling or requir. Delegation ing all or any of the powers and duries conferred and to liquidator imposed on the court by this Ordinance, in respect of the of certain powers of matters following, to be exercised or performed by the court. liquidator as an officer of the court, and subject to the b. s. 173. control of the court; that is to say, the powers and duties
of the court in respect of—
() holding and conducting meetings to ascertain the wishes of creditors and contributories;
(b) settling lists of contributories and rectifying the register of members where required, and collect- ing and applying the assets;
() requiring delivery of property or documents to
the liquidator:
(d) making calls;
(e) fixing a time within which debts and claims
must be proval:
Provided that the liquidator shall not, without the special leave of the court, rectify the registrer of members, and shall not make any call without either the special leave of the court or the sanction of the committee of inspection.
Extraordinary Powers of Court.
109.—(1) The court may, after it has ado a winding- Power to
SONS BCS-
up order, summon before it any officer of the company or summon per- person known or suspected to live in his possession any pected of property of the company or supposcal to be indebted to the having pro- company, or any person whom the court decins capable of perty of com. giving information concerning the trade, dealings, affairs, pany.
b. 174. or property of the company,
(2) The court may examine hia on oath concerning the sume, either by word of mouth or on written interrogatories, and may reduce his answers to writing and require him to sign them.
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