1964_COMPANIES_ORDINANCE — Page 131

(

1984 Ed.]

Companies

[CAP. 32

241

(3) In this section, "goods" includes all chattels personal, and "bailiff" includes any officer charged with the execution of a writ or other process.

270. (1) Subject to subsection (2A), where any goods of a company are taken in execution, and, before the sale thereof or the completion of the execution by the receipt or recovery of the full amount of the levy, notice is served on the bailiff that a provisional liquidator has been appointed or that a winding-up order has been made or that a resolution for voluntary winding up has been passed, the bailiff shall, on being so required, deliver the goods and any money seized or received in part satisfaction of the execution to the liquidator, but the costs of the execution shall be a first charge on the goods or money so delivered, and the liquidator may sell the goods, or a sufficient part thereof, for the purpose of satisfying that charge. (2) Subject to subsection (2A), where under an execution the goods of a company are sold or money is paid in order to avoid sale, the bailiff shall deduct the costs of the execution from the proceeds of the sale or the money paid and retain the balance for 14 days, and if within that time notice is served on him of a petition for the winding up of the company having been presented or of a meeting. having been called at which there is to be proposed a resolution for the voluntary winding up of the company and an order is made or a resolution is passed, as the case may be, for the winding up of the company, the bailiff shall pay the balance to the liquidator, who shall be entitled to retain it as against the execution creditor.

(2A) The rights conferred by this section on the liquidator may be set aside by the court in favour of the creditor to such extent and subject to such terms as the court thinks fit. (Added, 6 of 1984, s. 186)

(3) In this section, "goods" includes all chattels personal, and "bailiff" includes any officer charged with the execution of a writ or other process.

(Amended, 6 of 1984, s. 186)

Offences antecedent to or in course of Winding Up

271. (1) If any person, being a past or present officer of a which is at the time of the commission of the alleged company offence being wound up, whether by the court or voluntarily, or which, subsequently to that time, is ordered to be wound up by the court or passes a resolution for voluntary winding up—

(a) does not to the best of his knowledge and belief fully and truly discover to the liquidator all the property, real and personal, of the company, and how and to whom and for what consideration and when the company disposed of any part thereof, except such part as has been disposed of in the ordinary way of the business of the company; or

Duties of bailiff

as to goods taken in execution. 1929 c. 23, s. 269.

Offences by officers of companies in liquidation.

1929 c. 23. s. 271.