Avoidance of
66
Supplemental Provisions.
197-(1) In the case of voluntary winding up, every transfers, &c. mausfer of shares, except manstees made to or with: the sanetion of the liquidator, and every alteration in the status
after com-
וניהול נוכל
of winding
up
8 Edw. 7 c. -69 s. 250.
Dolis of all descriptions
th, s. 204.
of the members of the company made after the commen- rement of the winding up, shall be void.
(2) In the case of a winding up by or subjeer to the supervision of the court, every disposition of the property (including things in action) of the company, and every transfer of shares, or alteration in the status of its members, made after the commencement of the winding up, shall, unless the court otherwise orders, he void.
198. lu every winding up (subject in the case of insol- vent companies to the application in accordance with the
to be proved, provisions of this Ordinance of the law of bankruptcy) all ichts payable on a contingeny, and all claims against the company, present or future, certain or contingent, ascer tained or sumuding only in damages, shall be wimissible to proof against the company, a just estimate being made, so far as possible, of the value of such debts or claims as may he subject to any contingeney or sound only in damages, or for some ofing reason do not bear a certain value.
Application of Lank-
Puptey rules in winding up of insol- vent com-
panies.
7. s. 207.
Preferentinl
jmyinents. Ib. s. 209.
199. In the winding up of an insolvem company the same rules shall prevail and be observed with regard to the respective rights of secured and unsecured creditors and to debts provable and to the valuation of annuities and future and contingent Inbilities as me in foren for the time being under the law of bankruptcy with respect to the estates of persons adjudged bankrupt; and all persons who in any such ease would be cutitled to prove for and receive divisiouds ont of the assets of the company may Chine in under the winding up, and make such claims against the company as they respretively are entitled to by virtue of this section,
200.-() na wieding up there shall be paid in prior- ity to other debts-
(a) All local rates due from the company at the date hereinafter mentioned, and inving become
due and payable within twelve months next before that date; and
(4) All wages or salary of any clerk or servant in respect of scrvices rendered to the compsay during four mouths before the said date, not exceeding five hundred dollars; and
(c) All wages of any workman or labourer 10t exceeding two hundred and fifty dollars, whether payable for time or for picee werk, in respect of services rendured to the company during two months before the suid date.
(2) The foregoing debts shall ----
(4) Rank equally among themseives and he paid in full, undess the assets are insufficient to meet them, in which case they shall abate in equal proportions; nud
(4) So for as the assets of the company avaliable for payment of general creditors are insuficient ro eet them, have priority over the claims of holders of debentures ander any floating cburge created by the ecmpany, and be paid accord- ingly out of any property comprised in or subject to that charge.
(3) Subject to the retention of such sums as may be necessary for the costs and expenses of the winding up, tho foregoing debts shall be discharged forthwith so far as the assets are sufficient to meet them.
(4) In the event of a distraint on any goods or effects of the company within three months next before the date of a winding-up order, the debts to which priority is given by this section shall be a first charge on the goods or effects so distrained on, or the proceeds of the sale thereof :
Provided that in respect of any money paid under any such charge the person entitled to apply for a warrant of distress shall have the same rights of priority as the person to whom the payment is made.
67
الدلالي
(0) The dair hereinbefore in this section referred to is-
(z) in the case of a company ordered to be wound up compulsorily which had not proviously emu- meneed to be wound up volitarily, the date of the winding up order; und
() in any other case, the date of the romanenéesent
of the winding op.
8 Edw. 7 c.
201.-(1) Any enveyance, mortgage, delivery of goods Fraudulent payment, execution, or other aet relating to property which preference. would, if made or done by or against an individual, be 10 s, 210. -decmed in his bankruptcy a fraudulent proference, shall, it made or done by or against a company, he deemed, in the event of its being wound up, a fraudulcio preference of its creditors, and he invalid accordingly.
(2) For the purposes of this section the presentation of
a perition for winding up in the ease of a winding up by or subject to the supervision of the court, and a resolution for winding up in the case of a voluntary winding up, shail be deemed to correspond with the act of bankruptey in the ense of an individual.
(3) Any conveyance i nesignment by a company of all its property to tenstees for the benefit of all its creditors shall be void to all intents,
202. Where any company is being wound up by or Avoidange subject to the supervision of the roart, any attachment, of certain sequestration, distress, or excention put in force against the attachments, estate or effects of the company after the commencemen of Ko
the winding up shall be void to all intents.
execution.
Jh. s. 211,
203. Where a company is being wond up, a floating. Effect of ebarge on the undertaking or property of the company floating created within three months of the commencement of the charge.
76, s. 212. winding up shall, unless it is proved that the company immediately after the creation of the charge was solvent,
be invalid, except to the amount of any cash paid to the company at the time of or subsequently to the creation of, and in consideration for, the charge, together with interest, on that amount at the rate of five per cent, pre manum,
204.—(1) The liquidator may, with the sanction follow- General ing (that is to say)--
scheme of liquidation (as in the ense of a winding up by the court with May be
the sanction either of the court on of the vou- canrtinue. mittee of inspection:
17, 4.214.
(6) in the case of any winding up subject to super- vision, with the sanction of the court; and
(e) in the case of a voluntary winding up, with the sanction of an extraordinary rosolution of the company,
do the following things or any of them; --
(7) Pay any classes of tredhors in full; (7) Make any compromise or arrangement with creditors or persons claiming to be cralitors, or having or alleging themselves to have any claim, present or future, certain or contingent, useer- tained or sounding only in damages against the he company, or whereby the company may rendered Hable;
(i) Compromise all culls and liabilities to calls, dels, and liabilities capable of resulting in debis, and all claims, present or future, certain or contingent, ascertained or sounding only in damages, subsisting or supposed to subsist between the company and a contributory, or alleged contributory, or other debtor or person apprehending liability to the company, and alt questions in any way relating to or affecting the nasers or the winding up of the company, en such ferns as may be agreed, and take any security for the discharge of any such call, debt, ilability or claim, and give a complete discharge in respect thereof.
444
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