Companies Act 1883
| Jurisdiction | UK Non-devolved |
| Citation | 1883 c. 28 |
| Year | 1883 |
Companies Act, 1883
(46 & 47 Vict.) CHAPTER 28.
An Act to amend the Companies Acts, 1862 and 1867.
[20th August 1883]
B E it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
1 Short title.
This Act may be cited for all purposes as the Companies Act, 1883.
2 Construction of Act.
This Act shall, so far as is consistent with the terms thereof, be construed as one with the Companies Acts, 1862 and 1867.
3 Commencement of Act.
This Act shall come into force on the first day of September one thousand eight hundred and eighty-three.
4 Wages and salary to be preferential claims.
In the distribution of the assets of any company being wound up under the Companies Acts, 1862 and 1867, there shall be paid in priority to other debts,—
5 Such claims to rank equally.
The foregoing debts shall rank equally among themselves, and shall be paid in full, unless the assets of the company are insufficient to meet them, in which case they shall abate in equal proportions between themselves.
6 Liquidator to discharge same upon receipt of sufficient assets.
Subject to the retention of such sums as may be necessary for the costs of administration or otherwise, the liquidator or liquidators or official liquidator shall discharge the foregoing debts forthwith, so far as the assets of the company are and will be sufficient to meet them, as and when such assets come into the hands of such liquidator or liquidators or official liquidator.
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