Section 123: Committee of inspection in winding up by Court

123. Committee of inspection in winding up by Court (1) The liquidator may, and shall, in the case of— (a) a public company; or I14 – 75 [Issue 9] Insolvency Act (b) any other company if requested by a creditor or contributory, summon separate meetings of the creditors and contributories for the purpose of determining whether or not the creditors or contributories require the appointment of a committee of inspection to act with the liquidator, and if so, who are to be members of the committee. (2) If only the meeting of contributories requires a committee of inspection to be appointed, the Court shall decide whether such a committee should be appointed, and the Court shall also determine any difference as to who are to be members of the committee and make such order as it thinks fit. (3) A committee of inspection shall consist of a number of creditors and contributories of the company or of persons holding— (a) general powers of attorney from creditors or contributories; or (b) special authorities from creditors or contributories authorising the persons named therein to act on such a committee, appointed by the meetings of creditors and contributories in such proportions as are agreed or, in case of difference, as are determined by the Court. (4) The liquidator may at any time on his own motion and at least twice in any period of 12 months, and shall within 7 days on the written request of a creditor or contributory, summon a meeting of creditors or of contributories to consider any appointment made and the meeting may confirm the appointment or revoke the appointment and appoint another creditor or contributory or person holding a general power or special authority as specified in subsection (1), to be a member of the committee. (5) The Seventh Schedule shall govern proceedings at meetings of a committee of inspection.