2110
Fraudulent preference.
8 Edw. 7,
No. 58 of 1911.
COMPANIES.
(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 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 three 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 c. 69, s. 210. 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.
Avoidance
of certain attachments, execution, etc.
(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 e. 69, s. 211. the winding-up shall be void to all intents.
8 Edw. 7,
Page 110
Page 111
2110
Fraudulent preference.
8 Edw. 7,
No. 58 of 1911.
COMPANIES.
(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 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 three 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 c. 69, s. 210. 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.
Avoidance
of certain attachments, execution, etc.
(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 e. 69, s. 211. the winding-up shall be void to all intents.
8 Edw. 7,
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