COMPANIES ACT, 192¢

683

262. In the winding up of an insolvent company registered in
England 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 in England 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.

263. In the winding up of a company registered in Scotland, the Ranking of
following provisions of the Bankruptcy (Scotland) Act, 1913, that Saums in
is to say, 3 & 4 Geo. 5

(a) the provisions of sections forty-five to sixty-two regarding “*>
voting and ranking for payment of dividends;
sections ninety-six and one hundred and five, which
respectively relate to the reckoning of majorities and {0 the
interruption of prescription;

shall so far as is consistent with this Act apply in like manner as
they apply in the sequestration of a bankrupt’s estate, with the
substitution of references to winding up for references to sequestra-
tion, of references to the court for references to the sheriff, of
references to the liquidator for references to the trustee, and of
references to the company for references to the bankrupt, and with
any other necessary modifications.

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

(a) All parochial or other local rates due from the company at

the relevant date, and having become due and payable
within twelve months next before that date, and all assessed
taxes, land tax, property or income tax assessed on the
company up to the fifth day of April next before that date,
and not exceeding in the whole one year’s assessment;
All wages or salary (whether or not earned wholly or in part
by way of commission) of any clerk or servant in respect of
services rendered to the company during four months next
before the relevant date, not exceeding fifty pounds;
All wages of any workman or labourer not exceeding
twenty-five pounds, whether payable for time or for piece
work, in respect of services rendered to the company during
two months next before the relevant date:

Provided that, where any labourer in husbandry has
entered into a contract for the payment of a portion of his
wages in a lump sum at the end of the year of hiring, he shall
have priority in respect of the whole of such sum, or a part
thereof, as the court may decide to be due under the
contract, proportionate to the time of service up to the
relevant date:

Application of
bankruptcy rules
n winding up of
nsolvent

English com-
sanies.

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