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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