Committee of inspection governance in creditors' voluntary winding-up sets removal, vacancy filling and court exception procedures. Rules for a committee of inspection in a creditors' voluntary winding-up incorporate most provisions of section 465 while substituting specific sub-rules for some subsections. A member's office becomes vacant if adjudged insolvent, compounds or arranges with creditors, or is absent from five consecutive meetings without leave. Removal requires an ordinary resolution-creditors remove creditor representatives at a creditors' meeting; the company removes company representatives at a general meeting with seven days' notice. Upon vacancy, the liquidator must summon the appropriate meeting to fill it, though the liquidator may apply to the court for an order that the vacancy need not be filled under specified circumstances.
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Provisions expressly mentioned in the judgment/order text.
Committee of inspection governance in creditors' voluntary winding-up sets removal, vacancy filling and court exception procedures.
Rules for a committee of inspection in a creditors' voluntary winding-up incorporate most provisions of section 465 while substituting specific sub-rules for some subsections. A member's office becomes vacant if adjudged insolvent, compounds or arranges with creditors, or is absent from five consecutive meetings without leave. Removal requires an ordinary resolution-creditors remove creditor representatives at a creditors' meeting; the company removes company representatives at a general meeting with seven days' notice. Upon vacancy, the liquidator must summon the appropriate meeting to fill it, though the liquidator may apply to the court for an order that the vacancy need not be filled under specified circumstances.
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