100
Disposal of books and papers of company.
25 & 26 Vict. c. 89 s. 155.
Inspection of books and papers. Ib. s. 156.
Power of assignee to sue. Ib. s. 157.
General right of proof of debts. Ib. s. 158.
Power for liquidators to compromise with creditors. Ib. s. 159.
No. 1.] THE ORDINANCES OF HONGKONG: [A.D. 1865.
assets of the company are and will be sufficient to meet them, as and when such assets come into the hands of the liquidator or liquidators or official liquidator.
195.-(1.) Where a company has been wound up under this Ordinance and is about to be dissolved, the books, accounts, and documents of the company and of the liquidators may be disposed of in the following way; that is to say,-
(a.) where the company has been wound up by or subject to the supervision of the Court, in such way as the Court directs; and
(b.) where the company has been wound up voluntarily, in such way as the company by an extraordinary resolution directs.
(2.) But after the lapse of five years from the date of such dissolution, no responsibility shall rest on the company, or the liquidators, or any one to whom the custody of such books, accounts, and documents has been committed, by reason that the same or any of them cannot be made forthcoming to any party or parties claiming to be interested therein.
196. Where an order has been made for winding up a company by the Court or subject to the supervision of the Court, the Court may make such order for the inspection by the creditors and contributories of the company of its books and papers as the Court thinks just, and any books and papers in the possession of the company may be inspected by creditors or contributories in conformity with the order of the Court, but not further or otherwise.
197. Any person to whom any thing in action belonging to the company is assigned, in pursuance of this Ordinance, may bring or defend any action or suit relating to such thing in action in his own name.
198. In the event of any company being wound up under this Ordinance, all debts payable on a contingency, and all claims against the company, present or future, certain or contingent, ascertained or sounding only in damages, shall be admissible to proof against the company, a just estimate being made, so far as is possible, of the value of all such debts or claims as may be subject to any contingency, or sound only in damages, or for some other reason do not bear a certain value.
199. The liquidators may,-
(1.) with the sanction of the Court where the company is being wound up by the Court or subject to the supervision of the Court; and
(2.) with the sanction of an extraordinary resolution of the company where the company is being wound up altogether voluntarily, pay any classes of creditors in full, or make such compromise or other arrangement as the liquidators may deem expedient with creditors or
100
Disposal of books and
papers of
company.
25 & 26 Tict. c. 89 s. 155.
Inspection of books and papers. Ib. s. 156.
Power of assignee to
sue.
Ib. s. 157.
General right of proof of debts.
Ib. s. 158.
Power for liquidators to compromise with creditors. Ib. s. 159.
No. 1.]
THE ORDINANCES OF HONGKONG: [A.D. 1865.
assets of the company are and will be sufficient to meet them, as and when such assets come into the hands of the liquidator or liquidators or official liquidator.
195.-(1.) Where a company has been wound up under this Ordi- nance and is about to be dissolved, the books, accounts, and documents of the company and of the liquidators may be disposed of in the follow- ing way; that is to say,-
(a.) where the company has been wound up by or subject to the supervision of the Court, in such way as the Court directs; and (b.) where the company has been wound up voluntarily, in such way as the company by an extraordinary resolution directs. (2.) But after the lapse of five years from the date of such dissolu- tion, no responsibility shall rest on the company, or the liquidators, or any one to whom the custody of such books, accounts, and documents has been committed, by reason that the same or any of them cannot be made forthcoming to any party or parties claiming to be interested therein.
196. Where an order has been made for winding up a company by the Court or subject to the supervision of the Court, the Court may make such order for the inspection by the creditors and contributories of the company of its books and papers as the Court thinks just, and any books and papers in the possession of the company may be inspected by creditors or contributories in conformity with the order of the Court, but not further or otherwise.
197. Any person to whom any thing in action belonging to the com- pany is assigned, in pursuance of this Ordinance, may bring or defend any action or suit relating to such thing in action in his own name.
198. In the event of any company being wound up under this Ordi- nance, all debts payable on a contingency, and all claims against the company, present or future, certain or contingent, ascertained or sound- ing only in damages, shall be admissible to proof against the company, a just estimate being made, so far as is possible, of the value of all such debts or claims as may be subject to any contingency, or sound only in damages, or for some other reason do not bear a certain value.
199. The liquidators may,-
(1.) with the sanction of the Court where the company is being wound
up by the Court or subject to the supervision of the Court; and (2.) with the sanction of an extraordinary resolution of the company where the company is being wound up altogether voluntarily, pay any classes of creditors in full, or make such compromise or other arrangement as the liquidators may deem expedient with creditors or
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