Insolvency Act · s 80

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80.
Directors to lay statement of affairs before creditors
(1) The directors of the company shall —
(a) make out a statement, in the prescribed form, as to the affairs of the company;
(b) cause that statement to be laid before the meeting of the company’s creditors under section 79; and
(c) appoint one of their members to preside at that meeting, and it is the duty of the director so appointed to attend the meeting and preside over it.
(2) The statement as to the affairs of the company shall show —
(a) particulars of the company’s assets, debts and liabilities;
(b) the names, addresses and occupations of the company’s creditors;
(c) the securities held by them respectively;
(d) the dates when the securities were respectively given; and
(e) such further or other information as may be prescribed.
(3) The statement shall be verified by some or all of the directors by an affidavit.
(4) If —
(a) the directors, without reasonable excuse, fail to comply with subsection (1), (2) or (3); or
(b) any director, without reasonable excuse, fails to comply with subsection (1), so far as requiring him to attend and preside at the meeting, the directors are, or the director is, guilty of an offence and liable on conviction to a fine not exceeding $1,000.

Insolvency

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s 80Directors to lay statement of affairs before creditors

(1)

The directors of the company shall —

(a)

make out a statement, in the prescribed form, as to the affairs of the company;

(b)

cause that statement to be laid before the meeting of the company’s creditors under section 79; and

(c)

appoint one of their members to preside at that meeting, and it is the duty of the director so appointed to attend the meeting and preside over it.

(2)

The statement as to the affairs of the company shall show —

(a)

particulars of the company’s assets, debts and liabilities;

(b)

the names, addresses and occupations of the company’s creditors;

(c)

the securities held by them respectively;

(d)

the dates when the securities were respectively given; and

(e)

such further or other information as may be prescribed.

(3)

The statement shall be verified by some or all of the directors by an affidavit.

(4)

If —

(a)

the directors, without reasonable excuse, fail to comply with subsection (1), (2) or (3); or

(b)

any director, without reasonable excuse, fails to comply with subsection (1), so far as requiring him to attend and preside at the meeting, the directors are, or the director is, guilty of an offence and liable on conviction to a fine not exceeding $1,000.

Insolvency