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1. This appeal by Kazan Properties and Investment Limited ("Kazan"), a creditor of King's Dyeing & Weaving Factory Limited ("King's"), an insolvent company in liquidation, is against the order made on. the application of Messrs Johnstone and Etches the liquidatiors of King's by Jones J. On the 5th January 1988 in the compulsory winding up proceedings whereby a debenture ("the Kazan debenture") issued to Kazan by King's on the 17th June 1986 and certain payments made by King's to Kazan both befor