Companies Act (Cap. 386)
Companies Act (Cap. 386), article 258
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.
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.