Section 413 of Insolvency Act CAP 53: Meetings of company and company's creditors to be held every twelve months
(1) A liquidator who continues in office for more than twelve months shall convene a general meeting of the company and a meeting of the creditors to be held—
(a) within three months after the end of that period of twelve months; and
(b) within three months after the end of each subsequent period of twelve months.
(2) The liquidator shall lay before each of the meetings an account of the liquidator's acts and dealings and of the conduct of the liquidation during the preceding year.
(3) A liquidator is not required to convene a meeting of creditors as provided by subsection (1)(a) if—
(a) under section 404, a members' voluntary liquidation has become a creditors' voluntary liquidation; and
(b) the creditors' meeting under section 403 is held three months or less before the end of the twelve months after the commencement of the liquidation.
(4) The Cabinet Secretary may extend the period of three months referred to in subsection (1)(a) or (b) if satisfied that there are extenuating circumstances for doing so, and such an extension is granted, that subsection is to be interpreted accordingly.
(5) A liquidator who, without reasonable excuse, fails to comply with a requirement of this section commits an offence and on conviction is liable to a fine not exceeding one million shillings.
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(a) if legal proceedings against the...
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