1964_COMPANIES_ORDINANCE — Page 124

234

CAP. 32]

Companies

[1984 Ed.

:

:

Preferential payments.

[ef. 1929 c. 23. s. 264.]

(Cap. 57.)

(Cap. 282.)

(Cap. 57.)

265. (1) In a winding up there shall be paid in priority to all other debts-

(a) [Deleted, 6 of 1984, s. 181]

(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 the relevant period, not exceeding $3,000: (Replaced, 29 of 1933, s. 5. Amended, 23 of 1952, § 4; 15 of 1955, s. 7 and 6 of 1984, s. 181)

(c) all wages of any labourer or workman not exceeding $3,000, whether payable for time or for piece work, in respect of services rendered to the company during the relevant period; (Replaced, 29 of 1933, s. 5. Amended, 23 of 1952, s. 4 15 of 1955, s. 7 and 6 of 1984, s. 181) (ca) any severance payment payable to an employee under the Employment Ordinance, not exceeding in respect of each employee $6,000; (Added. 55 of 1974, s. 2)

(cb) any amount due in respect of compensation or liability for compensation under the Employees' Compensation Ordi- nance accrued before the relevant date and, where the compensation is a periodical payment, the amount due in respect thereof shall be taken to be the amount of the lump sum for which the periodical payment could. if redeema- ble, be redeemed on an application being made for that purpose under the Employees' Compensation Ordinance. but this paragraph shall not apply to any amount due in respect of compensation or liability for comperation where the company has entered into a contract with a person carrying on accident insurance business in Hong Kong in respect of its liability under the Employees' Compensation Ordinance for personal injury by accident. to the employee to whom the compensation or liability for compensation is due or where the company is wound up voluntarily merely for the purposes of reconstruction or of amalgamation with another company; (Added, 4 of 1977, s. 2. Amended, 6 of 1984, s. 259)

(cc) any wages in lieu of notice payable to an employee under the Employment Ordinance. not exceeding in respect of each employee one month's wages or $2,000 whichever is the lesser; (Added, 4 of 1977, s. 2)

(cd) all accrued holiday remuneration becoming payable to any clerk, servant, workman or labourer (or in the case of his death to any other person in his right) on the termination of his employment before or by the effect of the winding-up order or resolution; (Added, 6 of 1984, s. 181)

(d) all statutory debts due from the company to the Crown at the relevant date and which became due and payable within 12 months next before that date. (Replaced, 6 of 1984, s. 181)

(e).