Companies.
order the winding up was a creditors' voluntary winding up, with the sanction of either the court or the committee of inspection.
[CAP. 32
Schedule.
(2) A winding up subject to the supervision of the court is not a winding up by the court for the purpose of the provisions of this Ordinance which are set out in the Eighth Schedule, but, subject as aforesaid, an order for a winding up subject to supervision shall for all purposes be deemed to be an order for winding up by the court: Provided that where the order for winding up subject to supervision was made in relation to a creditor's voluntary winding up in which a committee of inspection had been appointed, the order shall be deemed to be an order for winding up by the court for the purpose of section 192 (except subsection (1) thereof), except in so far as the operation of that section is excluded in a voluntary winding up by general rules.
[248
(v) PROVISIONS APPLICABLE TO EVERY MODE OF WINDING UP.
Proof and Ranking of Claims.
248. In every winding up (subject in the case of insolvent companies to the application in accordance with the provisions of this Ordinance of the law of bankruptcy) all debts payable on a contingency, 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.
[249
Debts of all descriptions to be proved.
19 & 20 Geo. 5, c. 23, s. 261.
Rules in insolvent companies.
Application of bankruptcy rules in winding up of insolvent companies.
19 & 20 Geo. 5, c. 23, s. 262.
249. In the winding up of an insolvent company registered in the Colony 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 in the Colony with respect to the estates of persons adjudged bankrupt, and all persons who in any such case
157
Page 145
Page 146
Companies.
order the winding up was a creditors' voluntary winding up, with the sanction of either the court or the committee of inspection.
[CAP. 32
Schedule.
(2) A winding up subject to the supervision of the court is not a winding up by the court for the purpose of the provisions of this Ordinance which are set out in the Eighth Schedule, but, subject as aforesaid, an order Eighth for a winding up subject to supervision shall for all pur- poses be deemed to be an order for winding up by the court: Provided that where the order for winding up subject to supervision was made in relation to a creditor's voluntary winding up in which a committee of inspection had been appointed, the order shall be deemed to be an order for winding up by the court for the purpose of section 192 (except subsection (1) thereof), except in so far as the operation of that section is excluded in a voluntary wind- ing up by general rules.
[248
(v) PROVISIONS APPLICABLE TO EVERY MODE OF WINDING UP.
Proof and Ranking of Claims.
248. In every winding up (subject in the case of insolvent companies to the application in accordance with the provisions of this Ordinance of the law of bankruptcy) all debts payable on a contingency, and all 'claims against the company, present or future, certain or contingent, ascertained or sounding only in damages, shall be admis- sible 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.
[249
Debts of tions to be
all descrip-
19 & 20 Geo. 5,
proved.
c. 23, s. 261.
rules in insolvent com-
of bankruptcy
winding up of
panies.
19 & 20 Geo. 5,
249. In the winding up of an insolvent company regis- Application tered in the Colony 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 valua- tion of annuities and future and contingent liabilities as are in force for the time being under the law of bankruptcy in the Colony with respect to the estates of persons adjudged bankrupt, and all persons who in any such case
157
c. 23, s. 262.
Page 145Page 146
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