684

SECRETARIAL PRACTICE

Power of court 259.__(1) Where an order is made for a winding up subject to
io app mt or supervision, the court may by that or anv subsequent order appoint
liquidators. an additional liquidator.
(2) A liquidator appointed by the court under this section
shall have the same powers, be subject to the same obligations,
and in all respects stand in the same position, as if he had been
duly appointed in accordance with the provisions of this Act with
respect to the appointment of liquidators in a voluntary winding up.
(3) The court may remove any liquidator so appointed by the
court or any liquidator continued under the supervision order
and fill any vacancy occasioned by the removal, or by death or
resignation.

Effect of supervision
 order.

260.—(1) Where an order is made for a winding up subject tc
supervision, the liquidator may, subject to any restrictions imposed
by the court, exercise all his powers, without the sanction or intervention
 of the court, in the same manner as if the companv were
being wound up altogether voluntarily:
Provided that the powers specified in paragraphs (d), (e¢) and (f)
of subsection (1) of section one hundred and ninety-one of this
Act shall not be exercised by the liquidator except with the sanction
of the court or, in a case where before the order the winding up was
a creditor’s voluntary winding up, with the sanction of either the
court or the committee of inspection.
(2) A winding up subject to the supervision of the court is
not a winding up by the court for the purpose of the provisions
of this Act which are set out in the Ninth Schedule to this Act, but,
subject as aforesaid, an order for a winding up subject to supervision
shall for all purposes be deemed to be an order for winding up by
the court:
Provided that where the order for winding up subject to supervision
 was made in relation to a creditor’s voluntary winding up
in which a committee of inspection had been appointed, the order
shall be deemed to be an order for winding up by the court for the
purpose of section one hundred and ninety-nine (except subsection
(1) thereof) and section two hundred and one of this Act, except in
so far as the operation of those sections is excluded in a voluntary
winding up bv general rules.

(v) PROVISIONS APPLICABLE TO EVERY MODE oF WINDING UP.
Proof and Ranking of Claims.

Debts of all
descriptions to
be proved.

261. In every winding up (subject in the case of insolvent companies
 to the application in accordance with the provisions of this
Act of the law of bankruptcy) all debts payable on a contingency,
and all claims against the company, present or future, certain or
contingent, ascertained or sounding only in damages, shall be
admissible to proof against the company, a just estimate being
made, so far as possible, of the value of such debts or claims as
may be subject to any contingency or sound only in damages, .or
for some other reason do not bear a certain value.