292
293
"in England omitted
for "Act"
for the High Count
Ireland"
Powers of court on hearing petition. 19 & 20 Geo.
5, c. 23,
s. 171.
Power to
stay or re-
strain pro- ceedings against company.
19 & 20 Geo,
5, e. 27.
s. 172.
74
(1) the shares in respect of which he s a contributory, or some of them, either were originally allotted to him or have been held by him, and registered in his name, for at least six months during the eighteen months before the ment of the winding up, or have devolved on him through the death of a former holder; and
commence-
(b) A winding-up petition shall not, if the ground of the petition is default in delivering the statutory report to the registrar or in holding the statutory meeting, be presented by an person except a shareholder, nor before the expiration of fourteen days after the last day on which the meeting ought to have been held; and
(c) The court shall not give a hearing to a wind- ing-up petition presented by a contingent or prospective creditor until such security for costs has been given as the court thinks reasonable and until a prima facie case for winding up has been established to the satisfaction of the court.
(2) Where a company is being wound up voluntarily or subject to supervision a winding-up petition mav be presented by the official receiver attached to the court ng well os by any other person authorised in that behalf under the other provisions of this section, but the court shall not make a winding-up order on the petition unless it is satisfied that the voluntary winding up or winding up subject to supervisici cannot be continued with due regard to the interests of the creditors or contributories.
FL
(8) Where under the provisions of this Part of this Ordinance any person as being the husband of female contributory is himself a contributory, and shure bas during the whole or any part of the six months mentioned in proviso (a) (ii) to subsection (1) of this section been held by or registered in the name of the wife, or by or in the name of a trustee for the wife or for the husband. the share shall, for the purposes of this section, be deemed to have heen held by and registered in the name of the husband.
166.-(1) On hearing a winding-up petition the court may dismiss it, or adjourn the hearing con. ditionally or unconditionally, or make any interim order, or any other order that it thinks fit, but the court shall not refuse to make a winding-up order on the ground only that the assets of the company have been mortgaged to an amount equal to or in excess of those assets, or that the company has no assets.
(2) Where the petition is presented on the ground of default in delivering the statutory report to the registrar or in holding the statutory meeting. the court may-
(a) instead of making a winding-up order, direct that the statutory report shall be delivered or that a meeting shall be held; and
(b) order the costs to be paid by any persons
who, in the opinion of the court, responsible for the default.
are
167. At any time after the presentation of a winding-up petition,, and before a winding-up order has been made, the company, or any creditor or con- tributory, muy-
(a) where any action or proceeding against the company is pending in any court, apply to
the court in which the action or proceeding
is pending for a stay of proceedings therein; and
75
(b) where any other action or proceeding 18 pending against the company, apply to the court having jurisdiction to wind up the company to restrain further proceedings in the action or proceeding;
and the court to which application is so made may. as the case may be, stay or restrain the proceedings accordingly on such terms as it thinks fit.
any
168. In a winding up by the court.
dis- Avoidance of position of the property of the company, including dispositions things in action, and any transfer of shares, or altern. &c. after
of property, tion in the status of the members of the company, commence made after the commencement of the winding up, ment ef shall, unless the court otherwise orders, be void.
winding up. 19 & 20 Gen. 5. c 23, s. 173.
ments, &c.
169. Where any company is being wound up by Avoidance the court, any attachment, sequestration, distress, or of attach- execution put in force against the estate or effects of 19 & 20 Geo. the company after the commencement of the winding 5, c. 23. up shall be void to all intents.
s. 174.
"Sub-section (2) omitted.
Commencement of Winding Up. 170.-(1) Where before the presentation of a peti- Commence- tion for the winding up of a company by the court a ment of resolution has been passed by the company for winding up voluntary winding up, the winding up of the com- court
by the pany shall be deemed to have commenced at the 19 & 20. Geo. time of the passing of the resolution, and unless the 5, c. 23, court, on proof of fraud or mistake, thinks fit other. s. 175. wise to direct, all proceedings taken in the voluntary winding up shall be deemed to have been validly taken.
(2) In any other case, the winding up of a company by the court shall be deemed to commence at the time of the presentation of the petition for the winding up.
Consequences of Winding-up Order.
a copy Copy of
171. On the making of a winding-up order, of the order must forthwith be forwarded by the order to be company, or otherwise as may be prescribed, to the forwarded registrar of companies, who shall make
to registrar, thereof in his books relating to the company.
minute 19 & 20 Geo.
Я
5, c. 23, s. 176.
172. When a winding-up order has been made, or a Actions provisional liquidator has been appointed, no action or stayed on proceeding shall be proceeded with or commenced winding-up against the company except by leave of the court, and 19 & 20 Geo. subject to such terms as the court may impose,
order.
5, c. 23, 3. 177.
Effect of
173. An order for winding up a company shall operate in favour of all the creditors and of all the winding-up contributories of the company as if made on the joint order. potition of a creditor and of a contributory.
Official Receiver in Winding Up.
19 & 20 Geo 5, c. 23.
9. 178.
174. (1) For the purposes of this Ordinance so
Official
far as it relates to the winding up of companies by the receiver in
for "Act" sourt, the term "official receiver' means the official bankruptcy "in England"
receiver, if any, attached to the court for bankrupter to be official purposes, or if there is more than one such official receiver for receiver, then such one of them as the Governor winding-up may appoint, or, if there is no such official receiver, 19 & 20 Geo then an officer appointed for the purpose by the 5, s. 23, Giovernor
(2) But, for the purposes of this Ordinance, so far as it relates to the winding up of China companies or Hong Kong China companies by or under the supervision of the Supreme Court for China, and so far as it relates to the voluntary winding-up of China companies and Hong Kong China companies by liquidators appointed to act within the limits of the China Orders in Council, "official receiver" shall mean any person appointed in that behalf by the judge of the Supreme Court for China.
purposes.
s. 179
omitted.
for "Bound of Trade"
do.
added.
Sue No. 58 of 1911, S. 141 (2).
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