Admissibility of contingent debts: contingent and future claims may be proved and valued for participation in winding up distributions. All debts and claims against a company, including those payable on contingency and claims present or future, certain or contingent, and those sounding only in damages, are admissible to proof in every winding up; a just estimate of the value of debts or claims that are contingent or uncertain must be made to allow their proof, subject in insolvent cases to applicable insolvency law under the Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Admissibility of contingent debts: contingent and future claims may be proved and valued for participation in winding up distributions.
All debts and claims against a company, including those payable on contingency and claims present or future, certain or contingent, and those sounding only in damages, are admissible to proof in every winding up; a just estimate of the value of debts or claims that are contingent or uncertain must be made to allow their proof, subject in insolvent cases to applicable insolvency law under the Act.
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