CAP. 32]
Companies
[1984 Ed.
Proof of debts.
Application of Ordinance to small winding-ups.
25 (9375-4
(4) In this section, the expressions "company" and "arrangement" shall have the meanings assigned to them by section 166(5).
(Added, 22 of 1965, s. 2)
227E. (1) In the case of a bank, any creditor who is a depositor, whether on current, savings, deposit, fixed deposit or other account, shall, unless and until the Official Receiver or liquidator by notice in writing requires him to make a formal proof of debt, be deemed to have proved his debt-
(a) for voting purposes, for the net balance to his credit in the books of the bank on all his accounts taken together, at the relevant date,
(b) for dividend purposes, for the said balance plus or minus, as the case may be, the net amount of interest accrued due by or to the bank on the said accounts at the relevant date.
(2) Any debt which is deemed to have been proved by virtue of subsection (1) shall be treated as if a proof thereof had been duly lodged in due time with the Official Receiver or liquidator, and had been admitted for voting and dividend purposes respectively for the said amounts stated in subsection (1).
(3) In subsection (1), the expression "the relevant date" shall have the meaning assigned to it by section 265(6).
(Added, 22 of 1965, s. 2)
(iiB) WINDING UP BY COURT BY WAY OF SUMMARY PROCEDURE
227F. (1) Where after the presentation of a winding-up petition-
(a) the court is satisfied; or
(b) the Official Receiver reports to the court,
that the property of the company is not likely to exceed in value $10,000, the court may make an order that the company be wound up in a summary manner, and thereupon the provisions of this Ordinance shall apply subject to the following modifications-
(i) the Official Receiver shall be the liquidator
(ii) there shall be no committee of inspection, and the Official Receiver may do all things which may be done by a liquidator with the sanction of a committee of inspection;
(iii) such other modifications as may be prescribed with a view to saving expense and simplifying procedure.
(2) The court may, upon the application of the Official Receiver, at any time before the dissolution of the company rescind an order made under subsection (1) and thereupon the winding up shall proceed as if the order had not been made.
(Added, 81 of 1976, s. 4)
Page 110
Page 111
220
CAP. 32]
Companies
[1984 Ed.
Proof of debts.
Application of Ordinance to small winding-ups.
25 (9375-4
(4) In this section, the expressions "company" and "arrange- ment" shall have the meanings assigned to them by section 166(5).
(Added, 22 of 1965, s. 2)
227E. (1) In the case of a bank, any creditor who is a de- positor, whether on current, savings, deposit, fixed deposit or other account, shall, unless and until the Official Receiver or liquidator by notice in writing requires him to make a formal proof of debt, be deemed to have proved his debt-
(a) for voting purposes, for the net balance to his credit in the books of the bank on all his accounts taken together, at the relevant date,
(b) for dividend purposes, for the said balance plus or minus, as the case may be, the net amount of interest accrued due by or to the bank on the said accounts at the relevant date.
(2) Any debt which is deemed to have been proved by virtue of subsection (1) shall be treated as if a proof thereof had been duly lodged in due time with the Official Receiver or liquidator, and had been admitted for voting and dividend purposes respectively for the said amounts stated in subsection (1).
(3) In subsection (1), the expression "the relevant date" shall have the meaning assigned to it by section 265(6).
( Added, 22 of 1965, s. 2)
(iiB) WINDING UP BY COURT BY WAY OF SUMMARY PRocedure
227F. (1) Where after the presentation of a winding-up petition-
(a) the court is satisfied; or
(b) the Official Receiver reports to the court,
that the property of the company is not likely to exceed in value $10,000, the court may make an order that the company be wound up in a summary manner, and thereupon the provisions of this Ordinance shall apply subject to the following modifications-
(i) the Official Receiver shall be the liquidator
(ii) there shall be no committee of inspection, and the Official Receiver may do all things which may be done by a liqui- dator with the sanction of a committee of inspection; (iii) such other modifications as may be prescribed with a view
to saving expense and simplifying procedure.
(2) The court may, upon the application of the Official Receiver, at any time before the dissolution of the company rescind an order made under subsection (1) and thereupon the winding up shall proceed as if the order had not been made.
(Added, 81 of 1976, s. 4)
Page 110Page 111
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