Committee of inspection appointments: creditors and company may appoint members, with tribunal power to resolve disqualifications. Section 503 provides that creditors may appoint a committee of inspection in a voluntary winding up and the company may nominate members, subject to ... Summary
Committee of inspection appointments: creditors and company may appoint members, with tribunal power to resolve disqualifications.
Section 503 provides that creditors may appoint a committee of inspection in a voluntary winding up and the company may nominate members, subject to creditors resolving that nominated persons ought not to serve; persons so excluded cannot act unless the Tribunal directs otherwise, and the Tribunal may appoint replacements. The section makes the committee subject, with stated exceptions and Central Government rules, to the same statutory provisions that govern committees of inspection in a winding up by the Tribunal.
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