Compantes. [Ch. 31. No. 1.

 

 

distraining or having distrained on any goods or effects
of the company within three months next before the date
of a winding up order, the debts to which priority is given
by this section shall be a first charge on the goods or effects
so distrained on, or the procecds of the sale thereof:

Provided that, in respect of any money paid under any
such charge, the landlord or other person shall have the
same rights of priority as the person to whom the payment is
made.

(7) In this section the expression ‘‘ the relevant
date '’ means—

(a) in the case of a company ordered to be wound up
compulsorily which had not previously commenced to
be wound up voluntarily, the date of the winding up
order; and

(0) in any other case, the date of the commencement
of the winding up.

Effect of winding up on antecedent and other transactions.

251. (1) Any conveyance, mortgage, delivery of goods,
payment, execution, or other act relating to property which
would, if made or done by or against an individual, be
deemed in his bankruptcy a fraudulent preference, shall, if
made or done by or against a company, be deemed, in the
event of its being wound up, a fraudulent preference of its
creditors, and be invalid accordingly.

(2) Tor the purposes of this section, the commence-
ment of the winding up shall be deemed to correspond with
the presentation of the bankruptcy petition in the case of an
individual.

(3) Any conveyance or assignment by a company of
all its property to trustees for the benefit of all its creditors
shall be void to all intents.

252. Where a company is being wound up, a floating
charge on the undertaking or property of the company
created within six months of the commencement of the
winding up shall, unless it is proved that the company
immediately after the creation of the charge was solvent,
be invalid, except to the amount of any cash paid to the

 

479

Fraudulent
preference.

Effect of
floating
charge.