327. Proof of debts

Question 1

327. Proof of debts

Answer 1

General overview
[327.01] Section 327(1) provides that in a winding up, all debts payable on a contingency, and all claims against the company, present or future, certain or contingent, ascertained or sounding only in damages, shall be admissible to proof against the company. Where the value of such debts or claims is uncertain, as far as possible, a just estimate should be made. Section 327 cannot be circumvented by contract. In a construction case, a contractual clause that provided for the employer to make a direct payment to nominated subcontractors of moneys due to them from the main contractor which went into liquidation was void