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COMPANIES ACT, 1963
Amendments of other Acts.
The Bankruptcy Acts.
1. (1) The Bankruptcy Acts shall have effect as if for section 53 of the Bankruptcy (Ireland) Amendment Act, 1872 (which relates to the avoidance of fraudulent preferences) there were substituted the following section:
“53. Every conveyance or transfer of property or charge thereon made, every payment made, every obligation incurred and every judicial proceeding taken or suffered by any person unable to pay his debts as they become due from his own moneys, in favour of any creditor or of any person in trust for any creditor, with a view to giving such creditor, or any surety or guarantor for the debt due to such creditor a preference over the other creditors, shall, if the person making, taking, paying or suffering the same is adjudged bankrupt on a bankruptcy petition or a petition for arrangement, presented within 6 months after the date of making, taking, paying or suffering the same, be deemed fraudulent and void against the assignees or trustees of such bankrupt; but this section shall not affect the rights of any person making title in good faith and for valuable consideration through or under a creditor of the bankrupt.”
(2) Subparagraph (1) shall not apply in relation to things made or done before the operative date and section 53 of the Bankruptcy (Ireland) Amendment Act, 1872, as originally enacted shall continue to apply to things made or done before the operative date as if this Act had not been passed.
2. Section 287 shall apply also in relation to the said Act of 1872 (with the necessary modification of any reference to a company and to winding up) as if a reference to section 53 of the said Act of 1872 were substituted in section 287 for the reference to section 286.
The Insurance Acts, 1909 to 1961.
3. The Insurance Acts, 1909 to 1961, shall have effect as if for subsection (5) of section 46 of the Insurance Act, 1936 , there were substituted the following subsection:
“(5) Sections 167 and 168 of the Companies Act, 1963, shall apply in relation to an inspector appointed under this section in like manner as they apply to an inspector appointed under section 165 of that Act, and any such refusal as under subsection (3) of the said section 168 is, or might be, made the ground of the punishment of an officer or agent of the company or other body corporate whose affairs are investigated by virtue of the said section 167, shall also be a ground on which the Minister may present a petition for the winding up of such company and upon which the High Court may, on the hearing of any such petition, make an order for the winding up of such company under and in accordance with the Companies Act, 1963.”