No. 7/2018 15 INSOLVENCY Cap.6:07 Final liquidation order (I) The Court may make an order for the final liquidation of the estate of a debtor at the hearing of an application contemplated in section 4, 5 or 6 or pursuant to a rule nisi contemplated in section 14(2), if- (a) the applicable requirements of section 4, 5, or 6, as the case may be, ha\'e been complied with; (b) the debtor is unable to pay its debts in terms of section 3; and (c) in the case of a debtor who is a natural person, there is reason to believe that it will be to the advantage of the creditors of the debtor if his or her estate is liquidated; and (d) any of the following, where applicable, are not more appropriate than issuing a liquidation order(i) corporate rescue proceedings in terms of Part XXIII; (ii) a compromise in terms of section 148; or (iii) a pre- or post liquidation composition in terms of section 119 or 120. (2) If the requirements of subsection (1) are not met and a provisional order is not issued in terms of section 14, the Court must dismiss the application for the liquidation of the estate of the debtor and set aside any provisional liquidation order or postpone the hearing for a reasonable period to a determined date so as to allmv the applicant to furnish further proof. (3) When a final liquidation order is granted the registrar must ensure that the particulars which must in terms of section 4(2) and 6(3)(d) appear in the heading of the application also appear on the order. 16 Separate meetings of shareholders or members (I) When the Court considers an application for the liquidation of a company, private business corporation, co-operative or association, or after an application has been made, a Court may, on application by any interested person, if the Court is satisfied that there is a reasonable possibility that a surplus will accrue to shareholders or members in terms of section I 03( 4), (5). (6). or (7). order that separate meetings of shareholders or members must be convened and held when a liquidator is elected or directives are given to the liquidator at a meeting. (2) The separate meeting of shareholders or members must,'' ith the changes required because it is a meeting of shareholders or members. be convened and held in the same manner as a meeting of creditors. (3) If the meetings of creditors and shareholders or members have nominated different persons as liquidators, the Master must, subject to the provisions of section 74, decide the difference and appoint all or any of the persons so nominated, as the Master thinks fit, as liquidator or liquidators. (4) If there is a difference between the directions given by creditors and shareholders or members at such meetings, the liquidator must apply to the Master for directions and the Master must give or refuse to give directions as the Master thinks fit. 17 Obligations of creditor upon whose application a liquidation order is made (I) The creditor upon whose application a liquidation order is made must. at his or her own cost, prosecute all the proceedings in the liquidation until a liquidator is appointed. 216