No. 7/2018
INSOLVENCY
Cap.6:07
(8) If the liquidator fails to convene a meeting as contemplated in subsections
(l) or (7), the Master may take any steps he or she considers necessary to force the
liquidator to convene a meeting of creditors of the insolvent estate.
(9) If the majority in value or number of creditors voting at the meeting reject
the liquidator's report the liquidator must submit a report to an adjourned or subsequent
meeting or refer the report to the Master \vho may give such directions in regard to the
report as the Master considers appropriate.
51
Special meeting of creditors
( 1) The liquidator of an insolvent estate may at any time and must, if requested
thereto by not less than one quarter in value of creditors who have proved claims
against the estate, or at the request of the Master, or whenever a composition has to be
considered, convene a special meeting of creditors of the estate:
Provided that the liquidator must convene a special meeting for the proof of
claims if requested to do so by a creditor who tenders payment of the costs occasioned
by the meeting.
(2) A special meeting of creditors may deal with(a)
the proof of claims against the estate;
(b)
(c)
the examination of any person in terms of the Act;
the consideration of a composition;
(d)
directives to the liquidator with regard to any matter affecting the
liquidation of the insolvent estate.
(3) The liquidator must publish in the Gazette not less than 14 days before the
date set for the meeting referred to in subsection ( 1) a notice of the time and place of
the meeting and the matters to be dealt with.
(4) The liquidator must, not less than fourteen days before the date determined in
the Gazette for the holding of the meeting, send by liquidator's notice to every creditor
whose name and address are known to him or her or which he or she can reasonably
obtain and to the head office of every registered trade union which has notified the
liquidator that it represents employees of the debtor(a) a copy of any composition which is to be considered;
(b)
a copy of any report contemplated in section 46(1) to be considered at
the meeting;
(c)
a written draft of any resolution or direction which in his or her opinion
should be taken or given at that meeting;
(d)
a copy of the notice contemplated in subsection (3).
(5) The liquidator must on or before the time of day advertised for the meeting
on the second working day before the date set for the meeting, lodge with the person
who is to preside at the meeting copies of the documents sent to creditors in terms of
subsection (4) together with a list of the names and addresses of the persons to whom
they were sent.
(6) The liquidator may at any time after his report has been accepted by creditors
or by the Master, by notice in the Gazette fix a date after which creditors who have not
proved claims against the estate will be excluded from participation in any distribution
in terms of an account lodged with the Master within two weeks after that date.
(7) The said notice must be published not less than four weeks before the date
so fixed, and before such publication a copy thereof must be sent by liquidator's notice
to each unproved creditor whose name and address are known to the liquidator or which
he or she can reasonably obtain.
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