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TMI BlogApplication of insolvency rules in winding up of insolvent companies.X X X X Extracts X X X X X X X X Extracts X X X X ..... of annuities and future and contingent liabilities; and (c) the respective rights of secured and unsecured creditors; as are in force for the time being under the law of insolvency with respect to the estates of persons adjudged insolvent: [1] [Provided that the security of every secured creditor shall be deemed to be subject to a pari passu charge in favour of the workmen to the exten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idends 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 make by virtue of this section: [2] [Provided that if a secured creditor instead of relinquishing his security and proving for his debts proceeds to realise his security, he shall be liable to [3] [pay his portion of the expenses] incurred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dues", in relation to a company, means the aggregate of the following sums due from the company to its workmen, namely: (i) all wages or salary including wages payable for time or piece work and salary earned wholly or in part by way of commission of any workman, in respect of services rendered to the company and any compensation payable to any workman under any of the provisions of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the death or disablement of any workman of the company; (iv) all sums due to any workman from a provident fund, a pension fund, a gratuity fund or any other fund for the welfare of the workmen, maintained by the company; (c) "workmen's portion", in relation to the security of any secured creditor of a company, means the amount which bears to the value of the security the sam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1985 (35 of 1985). [2] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 183. [3] Substituted by the Companies (Amendment) Act, 1985 (35 of 1985) for the words "pay the expenses". [4] Inserted by the Companies (Amendment) Act, 1985 (35 of 1985). [5] Inserted by the Companies (Amendment) Act, 1985 (35 of 1985). - - statute, statutory provisions legislation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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