HC Deb 26 July 1918 vol 108 cc2210-1

Where the Court in pursuance of Sub-section (7) of Section one of the principal Act makes, or has before the passing of this Act made, an order for the winding-up of a company with respect to which an order has, whether before or after the passing of this Act, been made by the Board of Trade under Sub-section (1) of that Section—

  1. (a) the Court may by the winding-up order or any subsequent order dispense with compliance with the provisions of Section one hundred and forty-seven of the Companies (Consolidation) Act, 1908 (which relates to the statement of the company's affairs) and of Section one hundred and fifty-two of that Act (which relates to meetings of creditors and contributories) or of either of those Sections;
  2. (b) notwithstanding anything in the Companies (Consolidation) Act, 1908, the official receiver shall, unless and until some other person is appointed by the Court be the liquidator of the company, but the Court may upon the application of the Board of Trade, from time to time appoint any other person to be liquidator, notwithstanding that a meeting of creditors and contributories has not been held, and may, upon the like application, remove any person so appointed;
  3. (c) the provisions of Sub-section (3) of Section one of the principal Act, giving priority to unsecured creditors who are not enemies, and as to the payment and transfer of enemy property to the custodian and the manner in which such property is to be dealt with by him, and the provisions of Sub-section (4) of the same Section, which relates to the allocation of property in enemy territory to the satisfaction of liabilities to and claims of persons in enemy territory, shall with the necessary adaptations apply to the winding-up of the Company.

Amendments made: In paragraph (b), after "1908," insert the words "in a winding-up in England."

At the end, add, (d) The assets of a company may be distributed without making any provision for claims by enemies except those which are disclosed in the books of the company or of which the liquidator has otherwise received notice, and as respects claims by enemies of which notice has been so received the liquidator may pay to the custodian the dividends on any such claim without requiring a proof to be lodged in respect thereof."—[Sir A. Stanley.]

Clause, as amended, ordered to stand part of the Bill.