Section 442 of Insolvency Act CAP 53: Creditors' meeting may appoint liquidation committee
(1) If, after a liquidation order has been made, separate meetings of creditors and contributories have been convened for the purpose of choosing a person to be liquidator, those meetings may establish
a liquidation committee to perform the functions imposed and to exercise the powers conferred onit by or under this Act.
(2) The liquidator (not being the Official Receiver) may at any time, if of the opinion that it is appropriate to do so, convene separate general meetings of the company's creditors and contributories for the purpose of—
a determining whether a liquidation committee should be established; and (b) if it is so determined, of establishing it.
(3) The liquidator (not being the Official Receiver) shall convene such a meeting if requested to do so by creditors of the company holding not less than one-tenth in value of the total amount of the company's debts.
(4) If meetings of creditors and contributories are convened—
a under this section; or
b for the purpose of choosing a person to be liquidator, and either the meeting of creditors or the meeting of contributories decides that a liquidation committee should be established, but the other meeting does not so decide, or decides that a committee should not be established, such a committee is nevertheless required to be established, unless the Court otherwise orders.
(5) Except to the extent that the insolvency regulations otherwise provide, a liquidation committee may not, and may not be required to, perform its functions while the Official Receiver is liquidator.
(6) If, at the relevant time—
a there is no liquidation committee; and
b the liquidator is a person other than the Official Receiver, the Cabinet Secretary shall perform the functions of such a committee except in so far as the insolvency regulations otherwise provide.
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- Section 443 - General functions of liquidator when company is liquidated by the Court
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