In force2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 8 · Winding Up

179. Annual meeting of members and creditors

(1)

If the winding up continues for more than one year, the liquidator must —

(a)

summon a general meeting of the company (in the case of a members’ voluntary winding up), or of the company and the creditors (in the case of a creditors’ voluntary winding up), at the end of the first year after the commencement of the winding up and at the end of, or not more than 3 months after the end of, each succeeding year; and

(b)

lay before the meeting an account of the liquidator’s acts and dealings, and of the conduct of the winding up during the preceding year.

(2)

The liquidator must cause the notices of the meeting of creditors to be sent to the creditors simultaneously with the sending of the notices of the meeting of the company.

(3)

Every liquidator who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 and also to a default penalty.