THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 15, 1911.
registrar an office copy of the order, and if that person fails so to do he shall be liable to a fine not exceeding fifty dollars for every day during which the default continues,
189. All costs, charges, and expenses properly incurred. Costs of in the voluntary winding up of a company, including the voluntary remuneration of the liquidafor, shall be payable out of the liquidation. 8 Edw. 7 c. assets of the company in priority to all other claims.
49 s. 196.
contribu-
190. The voluntary winding up of a company shall not Saving for bar the right of any creditor or contributory to have it rights of wound up by the court, if the court is of opinion, in the creditors and case of an application by a creditor, that the rights of the tories. creditor or,
the case of an application by a contributory, 7h, s. 197. that the rights of the contributoties will be prejudiced by a voluntary winding up.
191. Where a company is being wound up voluntarily, Fower of and an order is made for winding up by the court, the court to court may if it thinks fit by the same or any subsequent order adopt pro- provide for the adoption of all or any of the proceedings in the voluntary winding up.
Winding Up subject to Supervision of Court.
ceedings of voluntary winding up. b. s. 198.
192. When a company has by special or extraordinary Power to resolution resolved to wind up voluntarily, the court may order wind. make an order that the voluntary winding up shall continue ing up sub- but subject to such supervision of the court, and with such ject to super- liberty for ereditors. contributories, or others to apply to 17, s. 199. the court, and generally on such terms and conditions as the court thinke just.
vision.
193. A petition for the continuance of a voluntary Effect of winding up subject to the supervision of the court shall, petition for for the purpose of giving jurisdiction to the court over winding up actions. be deemed to be a petition for winding up by the subject to
supervision. 13, s. 200.
court.
194. The court may, in deciding between a winding up court may by the court and a winding up subject to supervision, in have regard the appointment of liquidators, and in all other matters to wishes of relating to the winding up subject to supervision, have creditors and regard to the wishes of the creditors or contributories as proved to it by any sufficient evidence.
195.-(1) Where an order is made for a winding up subject to supervision, the court may by the same or any subsequent order appoiur any additional liquidator.
contribu- tories. Db. s. 201.
Power for court to ap point or re- move liqui (2) A liquidator appointed by the court under this dators. section shall have the same pewers, be subject to the same Ib. s. 202. obligations, and in all respects stand in the same position as if he had been appointed by the company.
(3) The court may remove any liquidator so appointed by the court or any liquidator continued under the supervi sion order and fill any vacancy occasioned by the removal, or by death or resignation.
order,
198.(1) Where an order is made for a winding up Effect of subject to supervision, the liquidator may, subject to any supervision restrictions imposed by the court, exercise all his powers, 1. 203. without the sauction or intervention of the court, in the same manuer as if the company were being wound up altogether voluntarily.
(2) A winding up subject to the supervision of the court is not a winding up by the court for the purpose of the following provisions of this Ordinance namely, those contained in sections 143, 144 (except sub-section 9), 147, 149, 150, 151, 153, 155, 156, 157, 168 and 170, but, sub- ject as aforesaid, an order for a winding up subject to supervision shall for all purposes, including the staying of actions and other proceedings, the making and enforcement of calls, and the exercise of all other powers, be deemed to be an order for winding up by the court.
665
No comments yet.
Private notes are available after approval.