Committee of inspection: Tribunal may direct appointment; liquidator must convene creditors and contributories and seek Tribunal directions if unresolved. The Tribunal may direct appointment of a committee of inspection to act with the liquidator. The liquidator must convene a creditors' meeting to determine committee membership and thereafter convene a contributories' meeting to consider that decision; contributories may accept, modify or reject it. If not accepted in its entirety, the liquidator must apply to the Tribunal for directions on the committee's composition and membership.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Committee of inspection: Tribunal may direct appointment; liquidator must convene creditors and contributories and seek Tribunal directions if unresolved.
The Tribunal may direct appointment of a committee of inspection to act with the liquidator. The liquidator must convene a creditors' meeting to determine committee membership and thereafter convene a contributories' meeting to consider that decision; contributories may accept, modify or reject it. If not accepted in its entirety, the liquidator must apply to the Tribunal for directions on the committee's composition and membership.
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