Insurance (Amendment) Act, 1938

Provisions in aid of ascertainment of indebtedness of Participating Companies.

10.—For the purpose of so much of paragraph (ii) of Article 19 of the Scheduled Agreement as requires that the indebtedness therein referred to shall be ascertained in the like manner as in a winding-up pursuant to the Companies (Consolidation) Act, 1908 , the following provisions shall have effect, that is to say:—

(a) all powers and duties which are by law vested in or imposed on a liquidator in a voluntary winding-up shall, in relation to each Participating Company and for the purpose of the ascertainment of the said indebtedness of that Company, be exercised and performed by the auditor of the Terminating Company;

(b) every claim by a creditor of a Participating Company (other than claims by policy-holders, directors, executives, or staff and claims under a policy) against such Participating Company which is not submitted to the auditor of the Terminating Company within three months after the publication by such auditor pursuant to sub-section (1) of section 188 of the Companies (Consolidation) Act, 1908 , of the advertisement of notice of the meeting mentioned in that sub-section of the creditors of the said Participating Company shall be wholly void and irrecoverable.