Cap. 6:07 INSOLVENCY No. 7/2018 PART XI MEETINGS AND EXAMINATION OF DEBTOR AND OTHER PERSONS 50 First meeting of creditors (I) A liquidator appointed in terms of section 41 must by notice in the Ga::ette and in a newspaper widely circulating in the district in which the business is carried on, and after consultation with the Master regarding the time and place of the meeting, convene a first meeting of creditors to be held within 60 days of his or her appointment. (2) The notice referred to in subsection (I) must state the time and place of the meeting and the matters that will be dealt with and must be published in the Gazette not less than 14 days before the date fixed for the meeting. (3) The liquidator must, at least 14days before the date determined in the Gazette for the holding of the first meeting of creditors of the estate, 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(a) a copy of the notice of the meeting; (b) a copy of the report contemplated in section 46(1); (c) a copy of the inventory contemplated in section 42(6); (d) a copy of the valuation contemplated in section 42(11); (e) a written draft of any resolution or direction which in his or her opinion should be taken or given at that meeting; (f) a copy of the notice contemplated in subsection (2); (g) a copy of any composition which is to be considered. (4) The liquidator must lodge with the Master or magistrate who is to preside at the meeting on or before the second working day before the date determined for the meeting of creditors(a) a copy of the report contemplated in section 46(1); and (b) a copy of the documents contemplated in subsection (3)(c), (d) and (e); and (c) an affidavit containing a list of the names and addresses of the creditors to whom the documents referred to in subsection (3) have been sent. (5) The meeting may deal with the(a) proof of claims against the estate; (b) examination of any person in terms of the Act; (c) consideration of the report of the liquidator; (d) nomination and appointment of one or more co-liquidators; (e) consideration of a composition: (f) giving of directives to the liquidator with regard to any matter affecting the liquidation of the estate. (6) If the first meeting of creditors is held before a final liquidation order is given, the question whether the liquidation of the debtor's estate is likely to be to the advantage of his or her creditors must be considered at the said meeting or at a subsequent meeting of creditors, and the liquidator must send a report by direct notice to the Court and the applicant on this question before the Court considers whether a final liquidation order should be made. (7) If the liquidator is unable to comene a meeting in the manner contemplated in subsection (I) he or she must obtain the Master's permission to convene the meeting within the time determined by the Master. 239