My recollection is that there was a conflict of opinion in the committee about the arrangements that should be made for winding up. Am I right in thinking that what we are doing, in the main, is continuing the existing provisions of the previous legislation?
SECTION 345.
Question proposed: " That Section 345 stand part of the Bill."
That is right in regard to unregistered companies as well as to companies under Part VI of the Bill.
Does this correspond with a section of the old Act?
Yes, Section 267.
Are we giving power to wind up foreign companies?
That is inherent in the section. In fact, there is one subsection—subsection (7) of Section 345—which specifies that the court has power to wind up a foreign company even though it has ceased to exist under the laws of the country where it was incorporated.
A company which is actually carrying on here?
A company which has assets here, not necessarily carrying on business. If the company has assets here, the court will move under this section.
It may be wound up as an unregistered company?
Precisely, and compulsorily, but not voluntarily.
In actual fact, it is merely a question of getting at the property of a company. It does not affect incorporation elsewhere?
It is for the benefit of Irish creditors.
It does not affect the company elsewhere?
That would be a question of international law, I suppose.
Which someone on the committee said earlier was no law. It is merely a method of execution. This section is not new. It was in the old law?
Yes. Section 268 of the 1908 Act was substantially the same.
Question put and agreed to.