Division 1 — Preliminary

247 Modes of winding up

248 Application of this Division

249 Government bound by certain provisions

250 Liability as contributories of present and past members

251 Nature of liability of contributory

252 Contributories in case of death of member

Division 2 — Winding up by Court

Subdivision (1) — General

253 Application for winding up

254 Circumstances in which company may be wound up by Court

255 Commencement of winding up

256 Payment of preliminary costs, etc.

257 Powers of Court on hearing winding up application

258 Power to stay or restrain proceedings against company

259 Avoidance of dispositions of property, etc.

260 Avoidance of certain attachments, etc.

261 Winding up application to be lis pendens

262 Copy of order to be lodged, etc.

Subdivision (2) — Liquidators

263 Appointment, style, etc., of liquidators

264 Provisions where person other than Official Receiver is appointed liquidator

265 Control of unofficial liquidators by Official Receiver

266 Control of Official Receiver by Minister

267 Provisional liquidator

268 General provisions as to liquidators

269 Custody and vesting of company’s property

270 Statement of company’s affairs to be submitted to Official Receiver

271 Report by liquidator

272 Powers of liquidator

273 Exercise and control of liquidator’s powers

274 Payment by liquidator into bank

275 Release of liquidators and dissolution of company

276 As to orders for release or dissolution

Subdivision (3) — Committees of inspection

277 Meetings to determine whether committee of inspection to be appointed

278 Constitution and proceedings of committee of inspection

Subdivision (4) — General powers of Court

279 Power to stay winding up

280 Settlement of list of contributories and application of assets

281 Payment of debts due by contributory, to company, and extent to which set-off allowed

282 Appointment of special manager

283 Claims of creditors and distribution of assets

284 Inspection of books and papers by creditors and contributories

285 Power to summon persons connected with company

286 Power to order public examination of promoters, directors, etc.

287 Power to arrest absconding contributory, director or former director

288 Delegation to liquidator of certain powers of Court

289 Powers of Court cumulative

Division 3 — Voluntary winding up

Subdivision (1) — Introductory

290 Circumstances in which company may be wound up voluntarily

291 Provisional liquidator

292 Effect of voluntary winding up

293 Declaration of solvency

Subdivision (2) — Provisions applicable only to members’ voluntary winding up

294 Liquidator

295 Duty of liquidator to call creditors’ meeting in case of insolvency

Subdivision (3) — Provisions applicable only to creditors’ voluntary winding up

296 Meeting of creditors

297 Liquidator

298 Committee of inspection

299 Property and proceedings

Subdivision (4) — Provisions applicable to every voluntary winding up

300 Distribution of property of company

301 Appointment of liquidator

302 Removal of liquidator

303 Review of liquidator’s remuneration

304 Act of liquidator valid, etc.

305 Powers and duties of liquidator

306 Power of liquidator to accept shares, etc., as consideration for sale of property of company

307 Annual meeting of members and creditors

308 Final meeting and dissolution

309 Arrangement when binding on creditors

310 Application to Court to have questions determined or powers exercised

311 Costs

312 Limitation on right to wind up voluntarily

Division 4 — Provisions applicable to every mode of winding up

Subdivision (1) — General

313 Books to be kept by liquidator

314 Powers of Official Receiver where no committee of inspection

315 Appeal against decision of liquidator

316 Notice of appointment and address of liquidator

317 Liquidator’s accounts

318 Liquidator to make good defaults

319 Notification that a company is in liquidation

320 Books and papers of company and liquidator

321 Investment of surplus funds on general account

322 Unclaimed assets to be paid to Official Receiver

322A Outstanding assets of company wound up on grounds of national security or interest

323 Expenses of winding up where assets insufficient

324 Resolutions passed at adjourned meetings of creditors and contributories

325 Meetings to ascertain wishes of creditors or contributories

326 Special commission for receiving evidence

Subdivision (2) — Proof and ranking of claims

327 Proof of debts

328 Priorities

Subdivision (3) — Effect on other transactions

329 Undue preference

330 Effect of floating charge

331 Liquidator’s right to recover in respect of certain sales to or by company

332 Disclaimer of onerous property

333 Interpretation

334 Restriction of rights of creditor as to execution or attachment

335 Duties of bailiff as to goods taken in execution

Subdivision (4) — Offences

336 Offences by officers of companies in liquidation

337 Inducement to be appointed liquidator

338 Penalty for destruction, falsification, etc., of books

339 Liability where proper accounts not kept

340 Responsibility for fraudulent trading

341 Power of Court to assess damages against delinquent officers, etc.

342 Prosecution of delinquent officers and members of company

Subdivision (5) — Dissolution

343 Power of Court to declare dissolution of company void

344 Power of Registrar to strike defunct company off register

345 Official Receiver to act as representative of defunct company in certain events

346 Outstanding assets of defunct company to vest in Official Receiver

347 Disposal of outstanding interests in property

348 Liability of Official Receiver and Government as to property vested in Official Receiver

349 Accounts and audit

Division 5 — Winding up of unregistered companies

350 Definition of unregistered company

351 Winding up of unregistered companies

352 Contributories in winding up of unregistered company

353 Power of Court to stay or restrain proceedings

354 Outstanding assets of defunct unregistered company