583729-1940-The-Alien-enemies-Winding-up-Ord--1914-Amendment-Regulations-1940 — Page 1

1534

THE HONG KONG GOVERNMENT GAZETTE, OCTOBER 25, 1940.

No. 1176.

COLONIAL SECRETARY'S DEPARTMENT,

In exercise of the powers conferred by the Emergency Powers (Defence) Acts, 1939 and 1940, as applied to this Colony by the Emergency Powers (Colonial Defence) Order in Council, 1939, and the Emergency Powers (Colonial De- fence) (Amendment) Order in Council, 1940, His Excellency the Officer Administering the Government makes the following regulations

The Alien Enemies (Winding up) Ordinance, 1914, Amendment Regulations, 1940.

1. These regulations may be cited as The Alien Enemies (Winding up) Ordinance, 1914, Amendment Regulations,

1940.

2. Section 5 of the Alien Enemies (Winding up) Ordin- ance, 1914, is amended by the insertion of the following sub-sections immediately after sub-section (13) thereof—

enemy

(13A) Where any business for which a liquidator bas been appointed under this section has assets in territory, the liquidator shall, if in his opinion it is practicable so to do, cause an estimate to be prepared-

(a) of the value of those assets;

(b) of the amount of any liabilities of the business to creditors, whether secured or unsecured, who are enemies;

(c) of the amount of the claims of persons who are enemies to participate, otherwise than as creditors of the business, in any distribution of assets of the business:

and, where such an estimate is made, the said liabilities and claims shall, for the purposes of this section, be deemed to have been satisfied out of the said assets of the business in enemy territory, or to have been satisfied thereout so far as those assets will go, and only the balance (if any) shall rank for satisfaction out of the other assets of the business.

(138) Where an estimate has been prepared under sub- section (13A), a certificate of the liquidator as to the value or amount of any assets, claims or liabilities to which the estimate relates shall be conclusive for the purpose of deter- mining the amount of the assets of the business available for discharging the other liabilities of the business and for distribution amongst other persons claiming to be interested in the business :

Provided that nothing in this sub-section shall affect the rights of creditors of, and other persons interested in, the business against the assets of the business in enemy territory,