Insolvency Act · 2022 Revised Edition · Chapter IV
79. Meeting of company’s creditors
Official textFrom Attorney General's Chambers, unchanged
In the case of the winding up of a company, the company —
company
“company” means a company incorporated or registered under the Companies Act;
shall cause a meeting of the company’s creditors to be summoned for a day not later than the 14th day after the day on which there is to be held the company meeting at which the resolution for voluntary winding up is to be proposed;
shall cause the notices of the meeting to be sent by post to the creditors not less than 7 days before the day on which that meeting is to be held;
shall cause notice of the meeting to be published once in the
Gazette; and
may cause notice of the meeting to be advertised in such other manner as the directors think fit.
The notice of the meeting shall state either —
the name and address of a person qualified to act as an insolvency practitioner in relation to the company who, during the period before the day on which that meeting is to be held, will furnish creditors free of charge with such information concerning the company’s affairs as they may reasonably require; or
a place in the relevant locality where, on the 2 business days falling next before the day on which that meeting is to be held, a list of the names and addresses of the company’s creditors will be available for inspection free of charge.
A company that fails to comply with subsection (1) or (2), without reasonable excuse, is guilty of an offence and liable on conviction to a fine not exceeding $1,000.
In this section, “relevant period” means the period of 6 months immediately preceding the day on which the notices summoning the company meeting were sent, at which meeting it was resolved that the company be wound up voluntarily.
Insolvency 80
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
resolution for voluntary winding up
Defined · s 3“resolution for voluntary winding up” means a resolution passed under section 66(1)(a) or (b);
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