A.D. 1865.]
COMPANIES.
[No. 1.
creditors.
99
33 & 34 Vict.
c. 104 s. 2.
tween a company which is in the course of being wound up, either voluntarily or by or under the supervision of the Court, under this Ordinance, and the creditors of such company or any class of such creditors, it shall be lawful for the Court, in addition to any other of its powers, on the application in a summary way of any creditor or of the liquidators, to order that a meeting of such creditors or class of creditors shall be summoned in such manner as the Court directs.
(2.) If a majority in number representing three-fourths in value of such creditors or class of creditors, present either in person or by proxy at such meeting, agree to any compromise or arrangement, such compromise or arrangement shall, if sanctioned by an order of the Court, be binding on all such creditors or class of creditors, as the case may be, and also on the liquidators and contributories of the company.
creditors, etc..
of company 38 & 39 Vict.
.77 s. 10.
insufficient.
193.-(1.) In the winding-up of any company under this Ordinance whose assets may prove insufficient for the payment of its debts and liabilities and the costs of winding up, the same rules shall prevail and be observed as to the respective rights of secured and unsecured creditors, as to debts and liabilities provable, and as to the valuation of annuities and future and contingent liabilities respectively as may be in force for the time being under the law of bankruptcy with respect to the estates of persons adjudged bankrupt.
See Ordinance
.:
185.
No. 7 of 1891.
(2.) All persons who in any such case would be entitled to prove for and receive dividends out of the assets of any such company may come in under the winding-up of the company, and make such claim against the same as they may be entitled to under any proceedings in bankruptcy.
194.-(1.) In the distribution of the assets of any company being wound up under this Ordinance there shall be paid in priority to other debts-
(a.) all wages or salary of any clerk or servant in respect of service rendered to the company during four months before the commencement of the winding-up, not exceeding two hundred and forty dollars; and
(b.) all wages of any labourer or workman in respect of service rendered to the company during two months before the commencement of the winding-up.
(2.) The debts mentioned in this section shall rank equally among themselves, and shall be paid in full, unless the assets of the company are insufficient to meet them, in which case they shall abate in equal proportions between themselves.
(3.) Subject to the retention of such sums as may be necessary for the costs of administration or otherwise, the liquidator or liquidators or official liquidator shall discharge the said debts forthwith, so far as the assets of the company permit.
51 & 52 Vict. c. 62 s. 1.
A.D. 1865.]
COMPANIES.
[No. 1.
creditors.
99
33 & 34 Fict.
c. 104 s. 2.
tween a company which is in the course of being wound up, either Power to com- voluntarily or by or under the supervision of the Court, under this promise with Ordinance, and the creditors of such company or any class of such cre- ditors, it shall be lawful for the Court, in addition to any other of its powers, on the application in a summary way of any creditor or of the liquidators, to order that a meeting of such creditors or class of creditors shall be summoned in such manner as the Court directs.
(2.) If a majority in number representing three-fourths in value of such creditors or class of creditors, present either in person or by proxy at such meeting, agree to any compromise or arrangement, such com- promise or arrangement shall, if sanctioned by an order of the Court, be binding on all such creditors or class of creditors, as the case may be, and also on the liquidators and contributories of the company.
creditors, etc..
of company 38 & 39 Fict.
.77 s. 10.
insufficient.
193.-(1.) In the winding-up of any company under this Ordinance Rights of whose assets may prove insufficient for the payment of its debts and lia- bilities and the costs of winding up, the same rules shall prevail and be observed as to the respective rights of secured and unsecured credit- ors, as to debts and liabilities provable, and as to the valuation of an- nuities and future and contingent liabilities respectively as may be in force for the time being under the law of bankruptcy with respect to the See Ordinance estates of persons adjudged bankrupt.
.:
185.
No. 7 of 1891.
(2.) All persons who in any such case would be entitled to prove for and receive dividends out of the assets of any such company may come in under the winding-up of the company, and make such claim against the same as they may be entitled to under any proceedings in bankruptcy.
194.-(1.) In the distribution of the assets of any company being Preferential wound up under this Ordinance there shall be paid in priority to other payments. debts-
(a.) all wages or salary of any clerk or servant in respect of service rendered to the company during four months before the com- mencement of the winding-up, not exceeding two hundred and forty dollars; and
(b.) all wages of any labourer or workman in respect of service rendered to the company during two months before the com- mencement of the winding-up.
(2.) The debts mentioned in this section shall rank equally among themselves, and shall be paid in full, unless the assets of the company are insufficient to meet them, in which case they shall abate in equal proportions between themselves.
(3.) Subject to the retention of such sums as may be necessary for the costs of administration or otherwise, the liquidator or liquidators or official liquidator shall discharge the said debts forthwith, so far as the
51 & 52 Kes. c. 62 s. 1.
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