48653-1916-Supplementary-Bills-read-a-first-time--Supplementary-Appropriation-Alien-Enemies-Winding-up-Amendment-Trading-with-the-Enemy-Amendment-Pharmacy-and-Poisons — Page 3

Distribution

on the

footing that interest does not accrue after the

commence- ment of the winding up.

Priority over debts due to

enemies :

5 & 6 Geo. 5, c. 105,

s. 1 (3).

Disclaimer.

Realisation

222

8.-(1.) In every winding up under the Alien Enemies (Winding up) Ordinances, 1914 to 1916, it shall be lawful for the liquidator to distribute the assets in the first in- stance on the footing that no interest has accrued or shall accrue on any debt after the first appointment of a liquida- tor of the trade or personal affairs of the person whose assets are about to be or are being distributed : Provided that nothing in this section shall affect the rights of any secured crediter in respect of any security held by him.

(2.) Any surplus assets remaining after such distribu- tion may be applied rateably in the payment of claims for interest.

9. In every winding up under the Alien Enemies (Winding up) Ordinances, 1914 to 1916, the assets shall, so far as they are available for discharging unsecured debts, be applied in discharging such debts due to creditors who are not enemies in priority to the unsecured debts due to creditors who are enemies : Provided that nothing in this section shall be construed as authorising any payment being made to a creditor who is an enemy.

10.-(1.) Every liquidator appointed under the princi- pal Ordinance to wind up the trade or personal affairs of any person may, by writing signed by him, with the per- mission of the Governor, disclaim any lease or contract under which such person is subject to any liability.

(2) Notwithstanding anything containing in section 10 of the principal Ordinance, such disclaimer shall operate to de- termine, as from the date on which the disclaimer is signed, the rights interests and liabilities of such person under the lease or contraet disclaimed, but shall not, except so far as is necessary for the said purpose, affect the rights or liabi- lities of any other person.

(3.) Notice of such disclaimer shall, so far as is practi- cable, be given to every party to the lease or contract disclaimed other than the person whose affairs are being wound up:

Provided that no such disclaimer shall be void or otherwise affected on the ground only that any notice required by this sub-section shall not have been given.

(4.) Any person injured by the operation of a disclaimer under this section shall, to the extent of the injury, be deemed to be a creditor of the person whose trade or personal affairs are being wound up.

(5.) Any person who alleges himself to be so injured shall, within six weeks of his being required by the liquida- tor to do so, furnish to the liquidator a statement of the extent of such injury, verified by statutory declaration, together with the evidence in support of such statement.

(6.) Upon receiving such statement and the evidence in support thereof the liquidator shall proceed to admit or reject such claim or to admit it in part, and, subject to any order made by the Court under the next succeeding sub- section, his decision shall be final for all purposes of the winding up.

(7.) If the party alleging himself to be injured by the operation of the disclaimer shall be dissatisfied with such decision it shall be lawful for him, within one week of such decision being communicated to him, to require the liquida- tor to apply to the Court for directions, and the liquidator shall thereupon apply to the Court for directions, and any order made by the Court on any such application shall be final for all purposes of the winding up.

(8.) It shall be lawful for the Court to enlarge the time limited in sub-section (5) or sub-section (7) of this section upon such terms as the justice of the ease may require, and any such enlargement may be ordered although the appli- cation for the same is not made until after the expiration of the time limited.

11.-(1.) It shall be lawful for any liquidator appointed of securities under the principal Ordinance to give notice to any secured held by

creditor of the person whose affairs such liquidator has secured

been appointed to wind up to realise his security within creditors.

such time from the receipt of snch notice by the secured creditor as the liquidator may by such notice or by any modification thereof appoint:

Provided that the time so

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