25
case of a private company, as at a date six months after the end of its financial year;
and
(i) lodge with the Master copies of all the documents submitted to the meetings as
provided in paragraphs (f) and (h).
PART VI
GENERAL
28
Persons employed by company before its reconstruction
(1) To the extent that it is possible to do so without prejudicing the viability of the
company under reconstruction or the reconstructed company, the administrator and interim
board shall endeavour to retain in employment every person, other than a culpable person,
employed by the company immediately before the commencement of its reconstruction on
terms not less favourable than those enjoyed by him or her immediately prior to the
commencement of the reconstruction.
(2) The provisions of the Labour Act [Chapter 28:01] with respect to the retrenchment,
dismissal or termination of the employment of employees shall not apply to any employee of
a company under reconstruction whom the administrator retrenches, dismisses or otherwise
does not retain in the employment of the company.
(3) For the avoidance of doubt it is declared that section 103 of the Insolvency Act
[Chapter 6:04] shall apply to the salary or wages of any employee of the company under
reconstruction whom the administrator retrenches, dismisses or does not retain in the
employment of the company.
29
Application of assets during reconstruction
(1) The administrator or interim board shall not, without the leave of the Minister, sell or
otherwise dispose of any of the company’s assets except in the ordinary course of the
company’s business.
(2) Any moneys of the company which become available to the administrator or an
interim board shall be applied by the administrator or interim board towards—
(a) paying the costs of reconstruction; and
(b) conducting the company’s business in accordance with the reconstruction order or
scheme of reconstruction; and
(c) so far as circumstances permit, paying the claims of creditors which arose before the
date of the reconstruction.
(3) The costs of the reconstruction and the claims of creditors of the company shall be
paid in accordance with the law relating to insolvency as if those costs were costs of the
sequestration of an estate and those claims were claims against an insolvent estate.
30
Remuneration of administrator and assistant administrators
(1) An administrator not in the employment of the State shall be remunerated for his or
her services by reference to paragraph (3) of the Fifth Table of fees contained in the Seventh
Schedule to the Act, and such remuneration shall be taxed by the Master.
Select target paragraph3
Add to table of contents