1964_COMPANIES_ORDINANCE — Page 123

1984 Ed.]

Companies

[CAP. 32

233

255A. (1) The liquidator shall keep an account of his receipts and payments as liquidator and, subject to subsection (2), shall cause the account to be audited.

(2) An audit under this section shall not be required if the committee of inspection or, as the case may be, the company by ordinary resolution so determines.

(Added, 6 of 1984, s. 178)

256. All costs, charges, and expenses properly incurred in the winding up, including the remuneration of the liquidator, shall be payable out of the assets of the company in priority to all other claims.

257. The winding up of a company shall not bar the right of any creditor or contributory to have it wound up by the court, but in the case of an application by a contributory, the court must be satisfied that the rights of the contributories will be prejudiced by a voluntary winding up.

(iv) [Repealed, 6 of 1984, s. 179]

258-262. [Repealed, 6 of 1984, s. 179]

(v) PROVISIONS APPLICABLE TO EVERY Mode of Winding Up

Proof and Ranking of Claims

263. 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.

264. In the winding up of an insolvent company 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 with respect to the estates of persons adjudged bankrupt, and all persons who in any such case 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.

(Amended, 6 of 1984, s. 180)

Audit of liquidator's accounts in voluntary winding up.

Costs of voluntary winding up. 1929 c. 23, s. 254.

Saving for rights of creditors and contributories. 1929 c. 23, s. 255.

Debts of all descriptions to be proved. 1929 c. 23, s. 261.

Application of bankruptcy rules in winding up of insolvent companies. 1929 c. 23, s. 262.