Insolvency Act · s 76

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76.
Effect of company’s insolvency
(1) This section applies where the liquidator is of the opinion that the company will be unable to pay its debts in full (together with interest) within the period stated in the directors’ statutory declaration under section 71.

Insolvency
(2) In the case of the winding up of a company, the liquidator —
(a) shall summon a meeting of the company’s creditors for a day not later than the 28th day after the day on which he formed that opinion;
(b) shall send notices of the meeting to the creditors by post not less than 7 days before the day on which that meeting is to be held;
(c) shall cause notice of the meeting to be published once in the
Gazette;
(d) may cause notice of the meeting to be advertised in such other manner as he thinks fit; and
(e) shall during the period before the day on which the meeting is to be held, furnish creditors free of charge with such information concerning the affairs of the company as they may reasonably require, and the notice of the meeting shall state the duty imposed by paragraph (e).
(3) The liquidator shall also —
(a) make out a statement, in the prescribed form, as to the affairs of the company;
(b) lay that statement before the meeting; and
(c) attend and preside at that meeting.
(4) 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.

Insolvency 78
(5) The statement shall be verified by the liquidator by an affidavit.
(6) A liquidator who, without reasonable excuse, fails to comply with this section is guilty of an offence and liable on conviction to a fine not exceeding $1,000, and, in the case of a continuing offence, with a further fine not exceeding $50 for every day or part thereof during which the offence continues after conviction.
(7) In this section, “relevant period” means the period of 6 months immediately preceding the day on which the notices summoning the meeting were sent, at which meeting it was resolved that the company be wound up voluntarily.

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s 76Effect of company’s insolvency

(1)

This section applies where the liquidator is of the opinion that the company will be unable to pay its debts in full (together with interest) within the period stated in the directors’ statutory declaration under section 71.

Insolvency

(2)

In the case of the winding up of a company, the liquidator —

(a)

shall summon a meeting of the company’s creditors for a day not later than the 28th day after the day on which he formed that opinion;

(b)

shall send notices of the meeting to the creditors by post not less than 7 days before the day on which that meeting is to be held;

(c)

shall cause notice of the meeting to be published once in the

Gazette;

(d)

may cause notice of the meeting to be advertised in such other manner as he thinks fit; and

(e)

shall during the period before the day on which the meeting is to be held, furnish creditors free of charge with such information concerning the affairs of the company as they may reasonably require, and the notice of the meeting shall state the duty imposed by paragraph (e).

(3)

The liquidator shall also —

(a)

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

(b)

lay that statement before the meeting; and

(c)

attend and preside at that meeting.

(4)

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.

Insolvency 78

(5)

The statement shall be verified by the liquidator by an affidavit.

(6)

A liquidator who, without reasonable excuse, fails to comply with this section is guilty of an offence and liable on conviction to a fine not exceeding $1,000, and, in the case of a continuing offence, with a further fine not exceeding $50 for every day or part thereof during which the offence continues after conviction.

(7)

In this section, “relevant period” means the period of 6 months immediately preceding the day on which the notices summoning the meeting were sent, at which meeting it was resolved that the company be wound up voluntarily.