|
|
Sale of Lucan Company to be deemed sale by order of High Court.
|
5.—The sale and transfer of the undertaking of the Lucan Company by this Act effected shall for all purposes be deemed to be a sale and transfer of the said undertaking by order of the court in the winding-up proceedings and the purchase money when paid into court shall for the purposes of such proceedings represent the undertaking and assets of the Lucan Company and all mortgages, debentures, debenture stock, charges and incumbrances including all salvage expenditure incurred by owners or holders of such charges or incumbrances or on their behalf and all interest due theron and all costs charges and expenses of any proceedings to realise the same shall become charged on the purchase moneys when paid into court and shall thereupon cease to affect the said undertaking and subject to the payment thereout of the costs charges and expenses of the said winding-up proceedings shall rank for payment out of the said purchase moneys in the same priority as they respectively ranked as charges on the undertaking and the said purchase moneys shall be applied by the court in accordance with the provisions of the Companies Act, 1908 relating to the distribution of the assets of a company in liquidation and when the said purchase moneys shall have been so distributed by the court the Lucan Company shall thereupon be dissolved.
|
