Advisory committee powers guide liquidation: appointment, member selection, inspection rights, and procedural prescription. Upon a winding up order the tribunal may direct formation of an advisory committee of up to twelve members, comprised of creditors and contributories or other persons in prescribed proportions, to advise the company liquidator and report to the tribunal; the liquidator must convene a creditors and contributories meeting within thirty days to determine committee membership, and the committee has a right to inspect books, documents, assets and properties at reasonable times while procedural details are to be prescribed.
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.
Advisory committee powers guide liquidation: appointment, member selection, inspection rights, and procedural prescription.
Upon a winding up order the tribunal may direct formation of an advisory committee of up to twelve members, comprised of creditors and contributories or other persons in prescribed proportions, to advise the company liquidator and report to the tribunal; the liquidator must convene a creditors and contributories meeting within thirty days to determine committee membership, and the committee has a right to inspect books, documents, assets and properties at reasonable times while procedural details are to be prescribed.
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