COMPANIES.
No. 58 of 1911.
2171
tingency, 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 possible, of the value of 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.
of bank-
up of insol.
vent com-panies. 8 Edw. 7 c. 69 s. 207.
199. In the winding up of an insolvent company the same rules shall prevail and be observed with regard to the respective rights of secured and unsecured creditors and to debts provable and to the valuation of annuities and future and contingent liabilities as are in force for the time being under the law of bankruptcy with respect to the estates of persons adjudged bankrupt; and all persons who in any such case would be entitled to prove for and receive dividends out of the assets of the company may come in under the winding up, and make such claims against the company as they respectively are entitled to by virtue of this section.
200.-(1) In a winding up there shall be paid in priority to other debts,-
(a) all local rates due from the company at the date hereinafter mentioned, and having become due and payable within 12 months next before that date; and
(b) all wages or salary of any clerk or servant in respect of services rendered to the company during 4 months before the said date, not exceeding 500 dollars; and
(c) all wages of any workman or labourer not exceeding 250 dollars, whether payable for time or for piece-work, in respect of services rendered to the company during 2 months before the said date.
(2) The foregoing debts shall-
(a) rank equally among themselves and be paid in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions; and
(b) so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over the claims of holders of debentures under any floating charge created by the company, and be paid accordingly out of any property comprised in or subject to that charge.
(3) Subject to the retention of such sums as may be necessary for the costs and expenses of the winding up, the foregoing debts shall be paid in priority to other debts.
COMPANIES.
No. 58 of 1911.
2171
tingency, 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 possible, of the value of 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.
of bank-
up of insol.
vent com- panies. 8 Edw. 7
199. In the winding up of an insolvent company the same rules Application shall prevail and be observed with regard to the respective rights of ruptcy rules secured and unsecured creditors and to debts provable and to the in winding valuation of annuities and future and contingent liabilities as are in force for the time being under the law of bankruptcy with respect to the estates of persons adjudged bankrupt; and all persons who in c. 69 s. 207. any such case would be entitled to prove for and receive dividends out of the assets of the company may come in under the winding up, and make such claims against the company as they respectively are entitled to by virtue of this section.
200.-(1) In a winding up there shall be paid in priority to other Preferential debts,-
(a) all local rates due from the company at the date hereinafter mentioned, and having become due and payable within 12 months next before that date; and
(b) all wages or salary of any clerk or servant in respect of services rendered to the company during 4 months before the said date, not exceeding 500 dollars; and
(c) all wages of any workman or labourer not exceeding 250 dollars, whether payable for time or for piece-work, in respect of services rendered to the company during 2 months before the said date.
(2) The foregoing debts shall-
(a) rank equally among themselves and be paid in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions; and
(b) so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over the claims of holders of debentures under any floating charge created by the company, and be paid accordingly out of any property com- prised in or subject to that charge.
(3) Subject to the retention of such sums as may be necessary for the costs and expenses of the winding up, the foregoing debts shall
payments. ib. s. 209.
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