Companies.
that, if he does not elect to accept and apply for such a vesting order as aforesaid upon the terms required by the above-mentioned subsection and imposed by the court within a time to be fixed by the court and stated in the notice, he will be excluded from all interest in and security upon the property and the court may adjourn the application for such notice to be given and for such mortgagee or under-lessee to be added as a party to and served with the application and, if he sees fit, to make such election and application as is mentioned in the notice. If at the expiration of the time so fixed by the court such mortgagee or under-lessee fails to make such election and application, the court may make an order vesting the property in the applicant and excluding such mortgagee or under-lessee from all interest in or security upon the property.
Arrangements with Creditors and Contributories in a Winding up by the Court.
65. In a winding up by the court, if application is made to the court to sanction any compromises or arrangement, the court may, before giving its sanction thereto, hear a report by the Official Receiver as to the terms of the scheme, and as to the conduct of the directors and other officers of the company, and as to any other matters which, in the opinion of the Official Receiver, ought to be brought to the attention of the court. The report shall not be placed upon the file, unless and until the court shall direct it to be filed.
Collection and Distribution of Assets in a Winding up by the Court.
[CAP. 32]
Report by Official Receiver on arrangements and compromises. R. 75.
and distribution of assets by liquidator.
company's
66. (1) The duties imposed on the court by subsection (1) of section 195 of the Ordinance, in a winding up by the court with regard to the collection of the assets of the company and the application of the assets in discharge of the company's liabilities, shall be discharged by the liquidator as an officer of the court subject to the control of the court.
(2) For the purpose of the discharge by the liquidator of the duties imposed by subsection (1) of section 195 of the Ordinance, and paragraph (1) of this rule, the liquidator in a winding up by the court shall for the purpose of
67
R. 76.
Companies.
that, if he does not elect to accept and apply for such a vesting order as aforesaid upon the terms required by the above-mentioned subsection and imposed by the court within a time to be fixed by the court and stated in the notice, he will be excluded from all interest in and security upon the property and the court may adjourn the application for such notice to be given and for such mortgagee or under- lessee to be added as a party to and served with the applica- tion and, if he sees fit, to make such election and application- as is mentioned in the notice. If at the expiration of the time so fixed by the court such mortgagee or under-lessee fails to make such election and application, the court may make an order vesting the property in the applicant and excluding such mortgagee or under-lessee from all interest in or security upon the property.
Arrangements with Creditors and Contributories in a
Winding up by the Court.
65. In a winding up by the court, if application is made to the court to sanction any compromises or arrangement, the court may, before giving its sanction thereto, hear a report by the Official Receiver as to the terms of the scheme, and as to the conduct of the directors and other officers of the company, and as to any other matters which, in the opinion of the Official Receiver, ought to be brought to the attention of the court. The report shall not be placed upon the file, unless and until the court shall direct it to be filed.
Collection and Distribution of Assets in a Winding up by the Court.
[CAP. 32
Report by Receiver ments and
Official
on arrange-
compromises. R. 75.
and distri-
bution of assets by liquidator.
company's
66. (1) The duties imposed on the court by subsection Collection (1) of section 195 of the Ordinance, in a winding up by the court with regard to the collection of the assets of the com- pany and the application of the assets in discharge of the company's liabilities, shall be discharged by the liquidator as an officer of the court subject to the control of the court.
(2) For the purpose of the discharge by the liquidator of the duties imposed by subsection (1) of section 195 of the Ordinance, and paragraph (1) of this rule, the liquidator in a winding up by the court shall for the purpose of
67
R. 76.
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