Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Except so far as
is otherwise enacted in the winding-up of an insolvent company 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, and as to the priorities of
debts and liabilities, as are in force for the time being under the law of
bankruptcy with respect to 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.
(2) Where a company,
whether registered or incorporated in this State or elsewhere, is the creditor
of an insolvent company which is being wound up under the provisions of this
Act, if the company holds more than three-quarters of the subscribed and
issued capital in the insolvent company, the claim of the company shall be
deferred until the claims of the other creditors of the insolvent company have
been satisfied according to their priorities in law.
Provided that nothing
contained in this subsection shall apply to a claim by any person against the
insolvent company under any charge now or hereafter given by such creditor
company.
[Section 269 amended by No. 73 of 1953
s. 6.]