Reduction of capital procedures require creditor inquiry and notice; omitted creditors may submit claims and the company must file affidavits. When a company passes a special resolution to reduce capital the court may exclude specified creditor classes from certain statutory provisions and order an inquiry to determine debts, claims and liabilities as at a stated date. The company must prepare and file a verified list of creditors, publish prescribed notice, give registered post notice to listed creditors, permit omitted or under credited creditors to file particulars with the company's advocate by the court deadline, and file an advocate's statement and officer affidavits as required by the Companies (Court) Rules within the prescribed period.
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.
Reduction of capital procedures require creditor inquiry and notice; omitted creditors may submit claims and the company must file affidavits.
When a company passes a special resolution to reduce capital the court may exclude specified creditor classes from certain statutory provisions and order an inquiry to determine debts, claims and liabilities as at a stated date. The company must prepare and file a verified list of creditors, publish prescribed notice, give registered post notice to listed creditors, permit omitted or under credited creditors to file particulars with the company's advocate by the court deadline, and file an advocate's statement and officer affidavits as required by the Companies (Court) Rules within the prescribed period.
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