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L-4 - Winding-up Act

Section 27
Disposition versions

Full text
27. The judge shall not postpone the right of a secured creditor to realize or otherwise deal with his security, except as follows:
(a)  in the case of a security for a debt due at the date of the winding-up order, such right shall not be postponed for more than six months from such date;
(b)  in the case of a security for a debt that becomes due after the date of the winding-up order, such right shall not be postponed for more than six months from the date of maturity of such debt, nor unless all instalments of interest six months overdue have been paid.
R. S. 1964, c. 281, s. 27.
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