Sec. 10 COMPANIES (AMENDMENT) ACT, 1990

Incurring of certain liabilities by examiner.

Incurring of certain liabilities by examiner.

10

10.—(1) Where an order is made under this Act for the winding-up of the company or a receiver is appointed, any liabilities incurred by the company during the protection period which are referred to in subsection (2) shall be treated as expenses properly incurred, for the purpose of section 29, by the examiner.

(2) The liabilities referred to in subsection (1) are those certified by the examiner at the time they are incurred, to have been incurred in circumstances where, in the opinion of the examiner, the survival of the company as a going concern during the protection period would otherwise be seriously prejudiced.

(3) In this section, “protection period” means the period, beginning with the appointment of an examiner, during which the company is under the protection of the court.

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