1964_COMPANIES_ORDINANCE — Page 127

1984 Ed.]

Companies

[CAP. 32

237

(b) in any case where paragraph (a) does not apply, the period

of 4 months next before the relevant date;

"statutory debt" means a debt the liability for which and the amount of which are determined by or under any provision in any Ordinance or imperial enactment;

"wages" includes, in relation to any person, any sum which, by virtue of his contract of employment, is payable to him as a Lunar New Year bonus, but does not include any accrued holiday remuneration. (Replaced, 6 of 1984, s. 181)

(7) The Companies (Amendment) Ordinance 1984 shall not apply in the case of a winding up where the relevant date occurred before the commencement* of that Ordinance, and, in such a case, the provisions relating to preferential payments which would have applied if that Ordinance had not been enacted shall be deemed to remain in full force. (Added, 6 of 1984, s. 181)

(2).

(Replaced, 41 of 1970, s. 2)

Effect of Winding Up on antecedent and other Transactions

266. (1) Any conveyance, mortgage, delivery of goods, pay- ment, execution or other act relating to property made or done by or against a company within 6 months before the commencement of its winding up which, had it been made or done by or against an individual within 6 months before the presentation of a bankruptcy petition on which he is adjudged bankrupt, would be deemed in his bankruptcy a fraudulent preference, shall in the event of the com- pany being wound up be deemed a fraudulent preference of its creditors and be invalid accordingly:

Provided that, in relation to things made or done before the commencement* of the Companies (Amendment) Ordinance 1984, this subsection shall have effect with the substitution, for references to 6 months, of references to 3 months.

(2) Any conveyance or assignment by a company of all its property to trustees for the benefit of all its creditors shall be void to all intents.

(Replaced, 6 of 1984, s. 182)

266A. (1) Where anything made or done after the commence- ment* of the Companies (Amendment) Ordinance 1984 is void under section 266 as a fraudulent preference of a person interested in property mortgaged or charged to secure the company's debt, then (without prejudice to any rights or liabilities arising apart from this provision) the person preferred shall be subject to the same liabilities, and shall have the same rights, as if he had undertaken to be personally liable as surety for the debt to the extent of the charge on the property or the value of his interest, whichever is the less.

(6 of 1984.)

[31.8.84.)

Fraudulent preference.

1948 c. 38, s. 320.

(6 of 1984.) [*31.8.84.]

Liabilities and rights of certain fraudulently preferred

persons. 1948 c. 38, s. 321.

(6 of 1984.) [*31.8.84.]