Ameixlment
of Ordinance
No. 29 of
1914, & 5 (7)+
4. Sub-section (7) of section 5 of the Principal Ordi- natice is amended as follows:-
(a) by the substitution of the word "trude" for
the word "business" in the third line thereof:
(b) by the insertion of the words "together with the goodwill of such trade and every part thereof," after the word "enemy at the end of the third line thereof;
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(c) by the insertion of the following words between the word "Irade" and the word "and" in the fifth line thereof :-
"for any branch of such trule outside the "Colony":
(d.) by the insertion of the words " for valuable consideration" between the word "ussigned" and the word "to" in the seventh line thereof;
(e) by the insertion of the following words between the word "liquidator" and the word "provided" in the tenth and eleventh lines thereof :
"and in particular the appointment of
liquidator of the trade of an alien enemy "under the provisions of this Ordinance **shall not alter vary or affect in any way "any liability or obligation of any com- "pradore of any such trade, or of any surety of any such compradore, as existing im- mediately before the appointment of the liquidator, nor shall such appointment operate to discharge any such compradore or any surety of any such compradore "in respect of any such liability or obliga- tion or to give him or any person who "bas mortgaged pledged charged assigned or given any property to secure any such compradore any rights such surety or
LK
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fi person would not otherwise have had "whether in respect of any personal obliga- "tion or of any property mortgaged pledged **charged assigned or given as security or "otherwise:".
5. Sub-section (8) of section 5 of the Principal Ordi- of Ordinance nauce is amended as follows:-
Amendment
No. 28 of
1914, 8, 5 (8).
Hepeal of Ordinance No. 28 of 1914, 5 (11).
Addition of new sub- sections to section 5 of Ordinance No. 28 of 1014.
(a) by the insertion of a comma after the word "proceedings" and by the insertion of the words "except proceedlings in bankruptcy against an alien enemy "between the word "proceedings" and the word "which" in the first line thereof;
(6.) by the insertion of the words "by or against such alien enemy" between the word "brought" and the word "in" in the second line thereof.
6. Sub-section (11) of section 5 of the Principal Ordi- nance is repeated.
7. The following sub-sections are alded after sub- section (10) of section 5 of the Princips! Ordinance ?—
(11.) Every liquidator shall be entitled to retain out of the assets of the trade, or ont of the per- soual assets, of the alien enemy whose trade or personal affairs rospectively he has been appointed to wind up, the expenses incurred by the liquidator in the course of such winding up. including (a) the rent of any business pre- mises formerly occupied by snch alien enemy which shall accrue while such premises ure occupied by the liquidator for the purpose of such winding up, (6) audit fees, and (c) auy money which may be advanced by the liqui- lator for the purposes of such winding up, and also a sum of money equal to two and a half per cent. on the total assets realised or brought to credit by the liquidator, as remuneration for his loss of time and trouble.
(12.) In case the assots of any such trade, or the personal assets of any such alien enemy, shall be or become insufficient to meet all the corres- pouding liabilities, such assets shall be applied in the following order of priority:- Firstly, the expenses incurred by the liquidator in the course of auch winding up, including (a) the rent of any business premises formerly occupied
by such alien enemy which shall accrue while sneh premises are occupied by the liquidator for the purpose of such winding up, (6) audit fees, and (c) any money which may be ad- vanced by the liquidator for the purposes of Buch winding up.
Secondly, a sum of money equal to two and a half per cent, on the total assets realised or brought
to credit by the liquidator, to be retained by him as remuneration for his loss of time and trouble.
Thirdly, all sums of money due to secured creditors
up to the value of their respective accurities. Fourthly, the salary or wages of any clork or ser- vant in respect of services rendered since the 31st day of July, 1914, less any suta of money due by such clerk or servant to such alten enemy, or to the compradore of such alieu
enemy.
Fifthly, all sums of money due to the Crown. Sixthly, all other liabilitios rateably pari passu whether due to persons within or without the Colony : Provided that in the case of the winding up of any trade formerly carried on in the Colony by an alien enemy which was a branch of a trule carried on also outside the Colony, such liabilities in the opinion of the liquidator arise out of transactions entered into by or on behalf of such branch within the Colony and are not liabilities which would ordinarily have been discharged by brauchos of such irade ontside the Colony.
(18.) In case the nett assets of any such trade, or the nett personal assets of any suo alien enemy, after deducting the value of all seenri- ties hell by secured creditors, shall be or be- come insufficient to satisfy the total sums of money which the liquidator is entitled under sub-section (11) of this section to retain, every secured creditor shall be liable to pay to the liquidator such proportion of the sum by which the nett assets as above defined are insufficient for the purpose aforesail as the value of his security may bear to the total assets realised or brought to credit by the liquidator,
(14.) The accounts of every snch liquidator with respect to any ench winding up shall be audited in such manner as the Governor may direct.
(15.) Every person who shall, without lawful exouse, refuse to hand over to a liquilator on demand any keys, safe, office furniture, account hooks, cheque books, or other things of any outure whatsoever, of which he may be in possession, and which may have been used in connection with or which may relate to the trade or personal affairs of the alien enemy whose trade or personal affairs respectively such liquidator has been appointed to wind up, and every person who shall, without lawful excuse, in any way obstruct any liquidator in taking possession of any premises occupied by or on behalf of snch alien enemy immediately before the appointment of such liquidator, shall be deemed to commit an offence against this Ordinance.
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