2172
No. 58 of 1911.
Fraudulent preference. 8 Edw. 7 c. 69 s. 210.
Avoidance of certain
COMPANIES.
be discharged forthwith so far as the assets are sufficient to meet them.
(4) In the event of a distraint on any goods or effects of the company within 3 months next before the date of a winding up order, the debts to which priority is given by this section shall be a first charge on the goods or effects so distrained on, or the proceeds of the sale thereof:
Provided that in respect of any money paid under any such charge the person entitled to apply for a warrant of distress shall have the same rights of priority as the person to whom the payment is made.
(5) The date hereinbefore in this section referred to is,—
(a) in the case of a company ordered to be wound up compulsorily which had not previously commenced to be wound up voluntarily, the date of the winding up order; and
(b) in any other case, the date of the commencement of the winding up.
201.-(1) Any conveyance, mortgage, delivery of goods, payment, execution, or other act relating to property which would, if made or done by or against an individual, be deemed in his bankruptcy a fraudulent preference, shall, if made or done by or against a company, be deemed, in the event of its being wound up, a fraudulent preference of its creditors, and be invalid accordingly.
(2) For the purposes of this section the presentation of a petition for winding up in the case of a winding up by or subject to the supervision of the Court, and a resolution for winding up in the case of a voluntary winding up, shall be deemed to correspond with the act of bankruptcy in the case of an individual.
(3) Any conveyance or assignment by a company of all its property to trustees for the benefit of all its creditors shall be void to all intents.
202. Where any company is being wound up by or subject to the supervision of the Court, any attachment, sequestration, distress or execution put in force against the estate or effects of the company after the commencement of the winding up shall be void to all intents.
execution, etc. ib. s. 211.
Effect of floating charge. ib. s. 212.
203. When a company is being wound up, a floating charge on the undertaking or property of the company created within 3
As amended by No. 16 of 1912.
2172
No. 58 of 1911.
Fraudulent preference. 8 Edw. 7 c. 69 s. 210.
Avoidance of certain
COMPANIES.
be discharged forthwith so far as the assets are sufficient to meet them.
(4) In the event of a distraint on any goods or effects of the com- pany within 3 months next before the date of a winding up order, the debts to which priority is given by this section shall be a first charge on the goods or effects so distrained on, or the proceeds of the sale thereof:
Provided that in respect of any money paid under any such charge the person entitled to apply for a warrant of distress shall have the same rights of priority as the person to whom the payment is made.
(5) The date hereinbefore in this section referred to is,—
(a) in the case of a company ordered to be wound up compulsorily which had not previously commenced to be wound up voluntarily, the date of the winding up order; and
(b) in any other case, the date of the commencement of the wind- ing up.
201.-(1) Any conveyance, mortgage, delivery of goods, pay- ment, execution, or other act relating to property which would, if made or done by or against an individual, be deemed in his bank- ruptcy a fraudulent preference, shall, if made or done by or against a company, be deemed, in the event of its being wound up, a fraud- ulent preference of its creditors, and be invalid accordingly.
(2) For the purposes of this section the presentation of a petition for winding up in the case of a winding up by or subject to the supervision of the Court, and a resolution for winding up in the case of a voluntary winding up, shall be deemed to correspond with the act of bankruptcy in the case of an individual.
(3) Any conveyance or assignment by a company of all its pro- perty to trustees for the benefit of all its creditors shall be void to all intents.
202. Where any company is being wound up by or subject to the attachments, supervision of the Court, any attachment, sequestration, distress or execution put in force against the estate or effects of the com- pany after the commencement of the winding up shall be void to all intents.
execution,
etc.
ib. s. 211.
Effect of floating charge. ib. s. 212.
203. When a company is being wound up, a floating charge on the undertaking or property of the company created within 3
As amended by No. 16 of 1912.
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