228 SECRETARIAL PRACTICE 
Compulsory 
Order. 
winding up superseded a voluntary winding up, e.g. if deben- 
tures had been issued three months before the passing of the 
resolution, but more than three months before the presentation 
of the petition. (See s. 212 of the Act of 1908.) 
If a compulsory winding up supersedes a voluntary winding 
up, all proceedings in the voluntary winding-up will be deemed 
to be valid, unless on proof of fraud or mistake, the Court 
directs otherwise [s. 175 (1)]. 
The liquidator, who is generally assisted and partly con- 
trolled by a committee of inspection, composed of creditors 
and contributories, takes the necessary steps to collect and 
realise the assets, to settle the lists of creditors and contri- 
butories (unless the Court dispenses with a list under s. 203), 
and to pay the debts, and then to adjust the rights of the 
contributories, distributing amongst them any surplus. 
Upon the completion of the winding up, he obtains his release 
from the Board of Trade [s. 197], and the Court makes an 
order for the dissolution of the company [s. 221]. The liquida- 
tor must report the making of the order to the Registrar 
within 14 days of its being made [s. 221 (2)]. 
An order for a compulsory winding up is nearly always 
made on the petition of a creditor when the company is 
insolvent, and a secretary of a company is unlikely to be 
appointed liquidator in the compulsory winding up thereof. 
[t is not, therefore, proposed to consider in any detail the 
other provisions of the Act applicable in a compulsory liquida- 
tion. Attention may, however, be called to the following 
points :— 
(x) If a petition is presented, the Court may, even before an 
order is made for winding up, stay any pending pro- 
ceedings [s. 172] or appoint a provisional liquidator 
's. 184]; and after an order has been made or a pro- 
visional liquidator appointed no proceeding may be 
commenced or proceeded with except by leave of the 
Court [s. 177]. 
{f an order is made, any disposition of the property of 
the company or transfer of its shares after the com- 
mencement of the winding up (see p. 22% above), will 
be void unless the Court otherwise orders [s. 173], and 
any execution put into force against its assets after 
the same date will be altogether void [s. 174]. 
If an order is made or a provisional liquidator is 
appointed, the liquidator or provisional liquidator 
(if one is appointed) takes into custody or under his 
control all the company’s property [s. 18g], but the 
2) 
(3)