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The first meeting of creditors’ voluntary winding up should be held on the same day when the members have passed a resolution to wind up the company or on the day after. In this meeting the creditors shall:
- Appoint among-st them a chairman
- Join the members to appoint a liquidator
- Join the members to appoint a committee of inspection of up to 5 people.
The directors must present to the members the statement of affairs and the list of creditors.
The creditor may also terminate the liquidator earlier appointed by the members
- When the liquidation commenced the creditors shall meet one year after commencement to review the progress and attend to any pending matters. Such meetings are called by the liquidator.
- If the liquidation is not complete after one year the creditors shall meet after lapse of one year for all years in which the liquidation is incomplete.
- When the liquidation is complete the liquidator must call a final meeting and lay before the company and creditors the accounts of winding up.
Wilfykil answered the question on February 12, 2019 at 05:30
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