CO129-537-11 Companies Ordinance 1932 2-12-1932 - 26-5-1934 — Page 245

302

84

for "Act"

for "Act"

for the Bank of England or any branch there of "

Settlement of list of contribu- tories and application of assets.

19 & 20 Geo. 5. c. 23, *. 203.

Delivery of property to liquidator.

19 & 20 Geo. 5, c. 23 s. 204.

•

Payment of debts due

by contribu-

tory to

company

be as may

196.—(1) As soon

after making a winding-up order, the court shali settle a list of con- tributories, with power to rectify the register of members in all cases where rectification is required in pursuance of this Ordinance, and shall cause the assets of the company to be collected, and applied in discharge of its liabilities:

Provided that, where it appears to the court that it will not be necessary to make calls on or adjust the rights of contributories, the court may dispense with the settlement of a list of contributories.

(2) In settling the list of contributories, the court shall distinguish between persons who are con- tributories in their own right and persons who are contributories as being representatives of or liable for the debts of others.

197. The court may, at any time after making a winding-up order, require any contributory for the time being on the list of contributories, and any trustee, receiver, banker, agent or officer of the surrender, or company to pay, deliver, convey,

transfer forthwith, OP within such time as the court directs, to the liquidator any money, property, or books and papers in his hands to which the com- pany is prima facie entitled.

198.-(1) The court may, & ay time after making a winding-up order, make an crder on any contributory for the time being 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 19 & 20 Geo. call in pursuance of this Ordinance.

and extent to which set off

allowed.

5, c. 23,

s. 205.

Power of court to make calls. 19 & 20 Geo. 5. c. 23,

s. 206.

Payment into Bank of moneys due to

company.

(2) The court in making such an order may—

(a) in the case of an unlimited company, allow to the contributory by way of set-off any money due to him or to the estate which he represents 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

(b) in the case of a limited company, make to any director or manager whose liability is unlimited or to his estate the like allowance.

(3) In the case of any company, whether limited or unlimited, when all the creditors are paid in full, any money due on any account whatever to a con- tributory from the company may be allowed to him by way of set-off against any subsequent call.

199.—(1) The court may, at any time after making a winding-up order, and either before or after it has ascertained the sufficiency of the assets of the com- pany, make calls on all or any of the contributories for the time being settled on the list of the con- tributories 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 costs, charges, and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, and make an order for payment of any calls so made.

(2) In making a call the court may take into con- sideration the probability that some of the contribu- tories may partly or wholly fail to pay the call.

200.—(1) The court may order any contributory. purchaser or other person from whom money is due to the company to pay the amount due into bank as the court may direct to the account of the

such

19 & 20 Geo. 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.

5. c. 23,

s. 207.