34
No. 7.1
Priority of payment of debts. 4 46 & 47 Vict. c. 52 s. 40.
THE ORDINANCES OF HONGKONG: [A.D. 1891.
(d.) the taxed costs of the petitioner, so far as the same may not have been disallowed by the Court.
(2.) Whenever the Court is satisfied that property of a debtor in respect of whose estate a receiving order has been made has been preserved for the benefit of the creditors by means of legal proceedings brought by a creditor against the debtor without notice of any available act of bankruptcy committed by the debtor, the Court may, in its discretion order the payment of the costs of such legal proceedings or any part of them (taxed as between party and party) out of the estate, with the same priority as to payment as is herein provided in respect of the taxed costs of the petitioner.
34.-(1.) In the distribution of the property of a bankrupt there shall be paid in priority to all other debts-
(a) all local rates due from the bankrupt at the date of the receiving order, having first become due and payable within twelve months next before such date
(b.) the wages or salary of any clerk or servant in respect of services rendered to the bankrupt during the four months next preceding the date of the receiving order and not exceeding three hundred dollars
(c.) the wages of any labourer or workman not exceeding one hundred dollars, whether payable for time or piecework, in respect of services rendered to the bankrupt during the four months immediately preceding the receiving order; and
(d.) such part of any premium paid by or on behalf of any apprentice or articled clerk under service to the bankrupt as the Court may order.
(2.) The foregoing debts shall rank equally between themselves and shall be paid in full unless the property of the bankrupt is insufficient to meet them, in which case they shall abate in equal proportions between themselves.
(3.) The joint estate of partners shall be applicable in the first instance in payment of their joint debts, and the separate estate of each partner shall be applicable in the first instance in payment of his separate debts. If there is a surplus of the separate estates, it shall be dealt with as part of the joint estate. If there is a surplus of the joint estate, it shall be dealt with as part of the respective separate estates in proportion to the right and interest of each partner in the joint estate.
(4.) Subject to the provisions of this Ordinance, all debts proved in the bankruptcy shall be paid pari passu.
(5.) If there is any surplus after payment of the debts, it shall be applied in payment of interest from the date of the receiving order.
34
No. 7.1
Priority of payment of debts. 4 46 & 47 Fict. c. 52 s. 40.
THE ORDINANCES OF HONGKONG: [A.D. 1891.
(d.) the taxed costs of the petitioner, so far as the same may not
have been disallowed by the Court.
(2.) Whenever the Court is satisfied that property of a debtor in respect of whose estate a receiving order has been made has been preserved for the benefit of the creditors by means of legal proceedings brought by a creditor against the debtor without notice of any available act of bankruptcy committed by the debtor, the Court may, in its discretion order the payment of the costs of such legal proceedings or any part of them (taxed as between party and party) out of the estate, with the same priority as to payment as is herein provided in respect of the taxed costs of the petitioner.
34.-(1.) In the distribution of the property of a bankrupt there shall be paid in priority to all other debts-
all local rates due from the bankrupt at the date of the receiv ing order, having first become due and payable within twelve months next before such date
(b.) the wages or salary of any clerk or servant in respect of ser
vices rendered to the bankrupt during the four months next preceding the date of the receiving order and not exceeding three hundred dollars
(c.) the wages of any labourer or workman not exceeding one hundred dollars, whether payable for time or piecework, in re- spect of services rendered to the bankrupt during the four months immediately preceding the receiving order; and (d.) such part of any premium paid by or on behalf of any appren tice or articled clerk under service to the bankrupt as the Court may order.
(2.) The foregoing debts shall rank equally between themselves and shall be paid in full unless the property of the bankrupt is insufficient to meet them, in which case they shall abate in equal proportions between themselves.
(3.) The joint estate of partners shall be applicable in the first instance in payment of their joint debts, and the separate estate of each partner shall be applicable in the first instance in payment of his separate debts. If there is a surplus of the separate estates, it shall be dealt with as part of the joint estate. If there is a surplus of the joint estate, it shall be dealt with as part of the respective separate estates in proportion to the right and interest of each partner in the joint estate.
(4.) Subject to the provisions of this Ordinance, all debts proved the bankruptcy shall be paid pari passu.
(5.) If there is any surplus after payment of the debts, it shall be applied in payment of interest from the date of the receiving order a
No comments yet.
Private notes are available after approval.