BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT - 1963 (ACT 180)

Section - 42 - Duty to Consult Creditors and Members

(1) Subject to the provisions of this Act, it shall be the duty of the liquidator,

(a) to report to the creditors at intervals not greater than six months on the progress of the liquidation;

(b) to consult the creditors on the matters arising in the proceedings which substantially affect their interest;

(c) to give effect, so far as may be practicable, to any views expressed by the creditors in relation to the realization and distribution of assets.

(2) For the purpose of complying with the preceeding subsection the liquidator may call a meeting of creditors at any time, and shall call such a meeting if required so to do by a notice in writing signed by the creditors whose votes exceed one-fifth of the total number of votes which would be cast at the meeting.

(3) The provisions of subsections (6) to (12) of section 23 of this Act shall apply in relation to every meeting of creditors called under this section.

(4) Subject to the provisions of this section, in event of an official winding up continuing for more than one year, the liquidator shall summon a general meeting of the company and a meeting of the creditors at the end of the first year from the commencement of the winding up, and of each succeeding year, or at the first convenient date within three months from the end of the year or such longer period as the Minister may allow, and shall lay before the meetings an account of his acts and dealings and of the conduct of the official winding up during the preceding year, and of the trading showing such time as the business of the company has been carried on, and within twenty-eight days thereafter shall send a copy of such accounts to the Registrar for registration.