228322-1936-Companies-Winding-up-Rules-1936 — Page 31

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THE HONG KONG GOVERNMENT GAZETTE, DECEMBER 31,

by the Court on the application of the Official Receiver in a winding-up by the Court or of any creditor or contributory in any winding-up and the Court may make such order as to costs as the Court shall think fit.

1936.

1191

149. Where the Liquidator carries on the business of Restriction the Company, he shall not, without the express sanction of on purchase of goods by the Court, purchase goods for the carrying on of such business Liquidator. from any person whose connection with the Liquidator is of R. 160. such a nature as would result in the Liquidator obtaining any portion of the profit (if any) arising out of the transaction.

In

not to make

150. No member of a Committee of Inspection shall, Committee

of Inspection except under and with the sanction of the Court, directly or indirectly, by himself or any employer, partner, clerk, agent, profit. or servant, be entitled to derive any profit from any transaction R. 161. arising out of the winding-up, or to receive out of the assets any payment for services rendered by him in connection with the administration of the assets, or for any goods supplied by him to the Liquidator for or on account of the Company a winding-up by the Court, if it appears to the Official Receiver or in a voluntary winding-up if it appears to the Committee of Inspection or to any meeting of creditors or contributories that any profit or payment has been made contrary to the pro- visions of this Rule, they may disallow such payment or recover such profit, as the case may be, on the audit of the Liquidator's accounts, or otherwise.

sanction of

151. In any case in which the sanction of the Court is Costs of obtained under the two last preceding Rules, the cost of obtaining obtaining such sanction shall be borne by the person in whose Court. interest such sanction is obtained, and shall not be payable R. 162. out of the Company's assets.

152. Where the sanction of the Court to a payment to Sanction of a member of a Committee of Inspection for services rendered payments to

Committee. by him in connection with the administration of the Company's

R. 163. assets is obtained, the order of the Court shall specify the nature of the services, and such sanction shall only be given where the service performed is of a special nature. Except by the express sanction of the Court no remuneration shall, under any circumstances, be paid to a member of a Committee for services rendered by him in the discharge of the duties attaching to his office as a member of such Committee.

assets hand-

153.-(1) Where a Liquidator is appointed by the Court, Discharge of and has notified his appointment to the Registrar of Companies, costs before and given security to the satisfaction of the Official Receiver, ed to Liquid- the Official Receiver shall forthwith put the Liquidator into ator. possession of all property of the Company of which the Official R. 164. Receiver may have custody; provided that such Liquidator shall have, before the assets are handed over to him by the Official Receiver, discharged any balance due to the Official Receiver on account of fees, costs, and charges properly in- curred by him, and on account of any advances properly made by him in respect of the Company, together with interest on such advances at the rate of eight per centum per annum; and the Liquidator shall pay all fees, costs, and charges of the Official Receiver which may not have been discharged by the Liquidator before being put into possession of the property of the Company, and whether incurred before or after he has been put into such possession.

(2) The Official Receiver shall be deemed to have a lien upon the Company's assets until such balance shall have been paid and the other liabilities shall have been discharged.