36143-1914-Bill-to-be-read-a-first-time--Alien-Enemies-Winding-up-Amendment — Page 3

THE HONGKONG GOVERNMENT GAZETTE, NOVEMBER 30, 1914.

of the following between the word "proceedings" and the

word" which

except proceedings in bankruptcy against an alien enemy."

""

6. Sub-section (11) of section 5 of the Principal Ordi- Repeal of nance is repealed.

7. The following sub-sections are added after sub- section (10) of section 5 of the Principal Ordinance :---

Ordinance No. 28 of 1914, s. 5 (11). Addition of

new sub- sections to

1914.

"(11.) Every liquidator shall be entitled to retain section 5 of

out of the assets of the trade, or out of the per- Ordinance sonal assets, of the alien enemy whose trade No. 28 of or personal affairs respectively he has been appointed to wind up, the expenses incurred by the liquidator in the course of such winding up, including (a) the rent of any business pre- mises formerly occupied by such alien enemy which shall accrue while such premises are occupied by the liquidator for the purpose of such winding up, (6) audit fees, and (c) any money which may be advanced by the liqui- dator for the purposes of such winding up, and also a sum of money equal to two and a half per cent. on the total assets realised or brought to credit by the liquidator, as remuneration for his loss of time and trouble.

(12.) In case the assets of any such trade, or the personal assets of any such alien enemy, shall be or become insufficient to meet all the corres- ponding liabilities, such assets shall be applied in the following order of priority:-

Firstly, the expenses incurred by the liquidator in the course of such winding up, including (a) the rent of any business premises formerly occupied by such alien enemy which shall accrue while such premises are occupied by the liquidator for the purpose of such winding up, (b) audit fees, and (c) any money which may be ad- vanced by the liquidator for the purposes of such winding up.

Secondly, a sum of money equal to two and a half per cent, on the total assets realised or brought to credit by the liquidator, to be retained by him as remuneration for his loss of time and

trouble.

Thirdly, all sums of money due to secured creditors up to the value of their respective securities. Fourthly, the salary or wages of any clerk or ser

vant in respect of services rendered since the 31st day of July, 1914, less any sum of money due by such clerk or servant to such alien enemy, or to the compradore of such alien enemy.

Fifthly, all sums of money due to the Crown. Sixthly, all other liabilities rateably pari passu whether due to persons within or without the Colony : Provided that in the case of the winding up of any trade formerly carried on in the Colony by an alien enemy which was a branch of a trade carried on also outside the Colony, such liabilities in the opinion of the liquidator arise out of transactions entered into by or on behalf of such branch within the Colony and are not liabilities which would ordinarily have been discharged by branches of such trade outside the Colony.

(13.) In case the nett assets of any such trade, or the nett personal assets of any such alien enemy, after deducting the value of all securi- ties held by secured creditors, shall be or be- come insufficient to satisfy the total sums of money which the liquidator is entitled under sub-section (11) of this section to retain, every secured creditor shall be liable to pay to the