COMPANIES.
No. 58 of 1911.
2173
months of the commencement of the winding up shall, unless it is proved that the company immediately after the creation of the charge was solvent, be invalid, except to the amount of any cash paid to the company at the time of or subsequently to the creation of, and in consideration for the charge, together with interest on that amount at the rate of 5 per cent.
General scheme of liquidation
204.-(1) The liquidator may, with the sanction following:— (a) in the case of a winding up by the Court, with the sanction of the Court or of the committee of inspection;
may be sanctioned.
(b) in the case of any winding up subject to supervision, with the sanction of the Court; and
(c) in the case of a voluntary winding up, with the sanction of an extraordinary resolution of the company,
do the following things or any of them—
(i) pay any classes of creditors in full;
(ii) make any compromise or arrangement with creditors or persons claiming to be creditors, or having or alleging themselves to have any claim, present or future, certain or contingent, ascertained or sounding only in damages, against the company, or whereby the company may be rendered liable;
(iii) compromise all calls and liabilities to calls, debts, and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent, ascertained or sounding only in damages, subsisting or supposed to subsist between the company and a contributory, or alleged contributory, or other debtor or person apprehending liability to the company, and all questions in any way relating to or affecting the assets or the winding up of the company, on such terms as may be agreed, and take any security for the discharge of any such call, debt, liability or claim and give a complete discharge in respect thereof.
(2) In the case of a winding up by the Court the exercise by the liquidator of the powers of this section shall be subject to the control of the Court, and any creditor or contributory may apply to the Court with respect to any of those powers.
205.-(1) Where in the course of winding up a company it appears that any person who has taken part in the formation or promotion of the company, or any past or present director, manager,
* As amended by No. 50 of 1911.
As amended by No. 43 of 1912 Supp. Sched.
c. 69 s. 214.
*
Power of Court to assess damages against delinquent directors, &c. ib. s. 215.
+
COMPANIES.
No. 58 of 1911.
2173
months of the commencement of the winding up shall, unless it is proved that the company immediately after the creation of the charge was solvent, be invalid, except to the amount of any cash. paid to the company at the time of or subsequently to the creation of, and in consideration for the charge, together with interest on that amount at the rate of 5 per cent.
General scheme of
204.-(1) The liquidator may, with the sanction following :--- (a) in the case of a winding up by the Court, with the sanction liquidation either of the Court or of the committee of inspection ;
may be sanctioned.
(b) in the case of any winding up subject to supervision, with 8 Edw. 7
the sanction of the Court; and
(e) in the case of a voluntary winding up, with the sanction of an extraordinary resolution of the company,
do the following things or any of them -
(i) pay any classes of creditors in full;
(ii) make any compromise or arrangement with creditors or per- sons claiming to be creditors, or having or alleging themselves to have any claim, present or future, certain or contingent, ascertained or sounding only in damages, against the company, or whereby the company may be rendered liable;
(iii) compromise all calls and liabilities to calls, debts, and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent, ascertained or sounding only in damages, subsisting or supposed to subsist between the company and a contributory, or alleged contributory, or other debtor or person apprehending liability to the company, and all questions in any way relating to or affecting the assets or the winding up of the company, on such termus as may be agreed, and take any security for the discharge of any such call, debt, liability or claim and give a complete discharge in respect thereof.
(2) In the case of a winding up by the Court the exercise by the liquidator of the powers of this section shall be subject to the control of the Court, and any creditor or contributory may apply to the Court with respect to any of those powers.
205.-(1) Where in the course of winding up a company it appears that any person who has taken part in the formation or promotion of the company, or any past or present director, manager,
* As amended by No. 50 of 1911.
As amended by No. 43 of 1912 Supp. Sched.
c. 69 s. 214.
*
Power of
Court to as. sess damages against de- linquent directors, &c. ib. s. 215.
+
No comments yet.
Private notes are available after approval.