15 Jul 1980
RE HONG KONG MALAYAN DRILLERS & ENGINEERINGS LTD
- Citation
- RE HONG KONG MALAYAN DRILLERS & ENGINEERINGS LTD
- Court
- Court of First Instance
- Case number
- HCCW50/1978
Wages advanced by principal contractors are preferential under s.265(2) of the Companies Ordinance; sums advanced for severance pay are not 'wages' and do not attract preference unless the contractor acted as surety and complied with the formal/statutory requirements (section 15 LARO in conjunction with s.265). Assignment or subrogation to workers' claims does not itself confer statutory preferential status on the assignee without compliance with the statutory mechanism; claimants who acted as sureties with supporting documents are entitled to preference, others are admitted as unsecured cred…