Companies Act (Cap. 386)

Companies Act (Cap. 386), article 258

Official PDF on legislation.mt

258. (1) The court may, in the event of the assets being insufficient to satisfy the liabilities, make an order as to th e payment out of the assets of the costs, charges and expenses incurred in the dissolution and winding up in such order of priority as the court thinks fit. (2) In so doing the court shall have regard to the following general order of priority - (a) expenses properly chargeable or incurred by the official receiver or the liquidator in preserving, realising or collecting any of the assets of the company; (b) any other expenses incurre d or disbursements made by the official receiver or under his authority, including those incurred or made in carrying on the business of the company; (c) the remuneration of the pro visional administrator, if any; (d) any necessary disbursements by the special controller in the course of his office in terms of articles 329A and 329B; 168 CAP. 386.] COMP ANIES (e) the remuneration of the special controller; (f) the costs of the applicant, and of any person appearing on the application whose costs are allowed by the court; (g) the remuneration of the s pecial manager, if any; (h) any amount payable to a person employed or authorised to assist in the preparation of a statement of affairs or of account; (i) any allowance made by order of the court, towards costs on an application for release from the obligation to submit a statement of affairs, or for an extension of time for submitting such a statement; (j) any necessary disbursements by the liquidator in the course of his administrati on, including any expenses incurred by members of the liquidation committee or their representatives and allowed by the liquidator; (k) the remuneration of any person employed by the liquidator to perform any services for the company, as required or authorised by the provisions of this Act; (l) the remuneration of the official receiver and of the liquidator; (m) any new financing granted to the company for the purpose of a recovery procedure in terms of articles 329A and 329B. (3) For the purposes of sub-article (2), "official receiver" sha ll include any individual authorised in terms of article 225(2). Summoning of persons suspected of having property of the company, etc.

Have a question about the law?

The assistant answers from the same library and names the article it relies on.

Ask Margos AI →

Text read from the consolidated PDF published by Legislation Malta. Tables, figures and marginal notes may be incomplete or out of place: the official PDF is authoritative. General information, not legal, tax or accounting advice.