20388-1911-Ordinance-passed-and-assented-to--Companies-No-58-of-1911 — Page 68

THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 15, 1911.

C

གཞིའི། ། སྙན་པ། ། ན་

(5) The date hereinbefore in this section referred to is---

(a) in the case of a company ordered to be wound up compulsorily which had not previously com- menced to be wound up voluntarily, the date of the winding up order; and

(b) in any other case, the date of the commencement

of the winding up.

& Edw. 7 c.

201.-(1) Any conveyance, mortgage, delivery of goods Fraudulent payment, exccution, or other act relating to property which preference. would, if made er done by or against an individual, be as, 210. deemed in his bankruptcy à fraudulent preference, shall, if made or done by or against a company, be deemed, in the event of its being wound up, a fraudulent preference of its ereditors, and he invalid accordingly,

(2) For the purposes of this section the presentation of a petition for winding up in the case of a winding up by or subject to the supervision of the court, and a resolution for winding up in the ease of a voluntary winding up, shall be deemed to correspond with the art of bankruptey in the case of an individual.

(3) Any conveyance or assignment by a company of all its property to trustees for the benefit of all its creditors shall be void to all intents.

202. Where any company is being wound up by or Avoidance subject to the supervision of the court, any attachment, of certain

attachments, sequestration, distress, or execution put in force against the execution, estate or effects of the company after the commencement of &c. the winding up shall be void to all intents.

Ib. s. 211

1. s. 212.

203. Where a company is being wound up, a floating Effect of charge on the mudertaking or property of the company Hoating created within three months of the commencement of the charge. 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, per annum.

204.—(1) The liquidator may, with the sanction follow- Giçneral ing (that is to say)--

scheme of Jiquidation (a) in the case of a winding up by the court with

may be the sanction either of the court or of the com- sanctioned. mittee of inspection ;

Ib. s. 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 resolution of the company,

do the following things or any of them :--

(7) Pay any classes of creditors in full; (7) Make any compromise or arrangement with ereditors or persons claiming to be creditors, or having or alleging themselves to have any claim; present or future, certain or contingent, ascer- tained or sounding only in damages against the company, or whereby the company may be rendered liable;

(i) Compromise all calls and liabilities to calls, debts, and liabilities capable of resulting in debts, 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 all questions in any way relating to or affecting the assets or the winding up of the company, on such terms as may be agreed, and take any security for the discharge of any such call, debt, liability or claim, and give a complete discharge in respect thereof.

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