CAP. 32]
Companies.
[s. 249 cont.] would be entitled to prove for and receive dividends out of the assets of the company may come in under the winding up, and make such claims against the company as they respectively are entitled to by virtue of this section.
[250
Preferential payments. [cf. 19 & 20 Geo 5, c. 23, s. 264.]
29 of 1933, s. 5.
1 of 1949, s. 17.
250. (1) In a winding up there shall be paid in priority to all other debts-
(a) all debts due from the company to the Crown at the relevant date, and having become due and payable within twelve months next before that date;
(b) all wages and salary (including commission provided that the amount thereof is fixed or ascertainable at the relevant date) of any clerk or servant in respect of services rendered to the company during four months before the relevant date, not exceeding three hundred dollars;
(c) all wages of any labourer or workman not exceeding one hundred dollars, whether payable for time or for piece work, in respect of services rendered to the company during four months before the relevant date.
(2) Where any payment on account of wages or salary has been made to any clerk, servant, workman or labourer in the employment of a company out of money advanced by some person for that purpose, that person shall in a winding up have a right of priority in respect of the money so advanced and paid up to the amount by which the sum in respect of which that clerk, servant, workman or labourer would have been entitled to priority in the winding up has been diminished by reason of the payment having been made.
(3) The foregoing debts shall-
(a) rank equally among themselves and be paid in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions; and
(b) in the case of a company registered in the Colony, so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over the claims of holders
158 -
CAP. 32]
Companies.
[s. 249 cont.] would be entitled to prove for and receive dividends out of the assets of the company may come in under the winding up, and make such claims against the company as they respectively are entitled to by virtue of this section.
[250
Preferential payments. [cf. 19 & 20 Geo 5, c. 23, s. 264.]
29 of 1933, s. 5.
1 of 1949, s. 17.
250. (1) In a winding up there shall be paid in priority to all other debts-
(a) all debts due from the company to the Crown at the relevant date, and having become due and payable within twelve months next before that date;
(b) all wages and salary (including commission pro- vided that the amount thereof is fixed or ascertain- able at the relevant date) of any clerk or servant in respect of services rendered to the company during four months before the relevant date, not exceeding three hundred dollars;
(c) all wages of any labourer or workman not exceed- ing one hundred dollars, whether payable for time or for piece work, in respect of services rendered to the company during four months before the relevant date.
(2) Where any payment on account of wages or salary has been made to any clerk, servant, workman or labourer in the employment of a company out of money advanced by some person for that purpose, that person shall in a winding up have a right of priority in respect of the money so advanced and paid up to the amount by which the sum in respect of which that clerk, servant, workman or labourer would have been entitled to priority in the winding up has been diminished by reason of the payment having been made.
(3) The foregoing debts shall-
(a) rank equally among themselves and be paid in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions; and
(b) in the case of a company registered in the Colony, so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over the claims of holders
158 -
No comments yet.
Private notes are available after approval.