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Disapplication of section 98 of Principal Act to receivers in certain circumstances.
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17.—The Act of 1990 is hereby amended by the insertion of the following section after section 6:
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“6A. (1) Without prejudice to the generality of section 6 (1), the court, on application being made in that behalf, may, in relation to a receiver who stands appointed to the whole or any part of the property or undertaking of a company, make an order providing that section 98 of the Principal Act shall not apply as respects payments made by the receiver out of assets coming into his hands as such receiver if—
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(a) (i) an examiner has been appointed to the company, or
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(ii) an examiner has not been appointed to the company but, in the opinion of the court, such an appointment may yet be made,
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and
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(b) the making of the order would, in the opinion of the court, be likely to facilitate the survival of the company, and the whole or any part of its undertaking, as a going concern.
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(2) An order under subsection (1) shall not be made without each creditor of the company of the following class being afforded an opportunity to be heard, namely a creditor any of the debts owed to whom by the company are debts which in a winding-up are, by virtue of the provisions of Part VI of the Principal Act relating to preferential payments, required to be paid in priority to all other debts.”.
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