Section 142: Creditors’ meeting(cid:3)

142. Creditors’ meeting(cid:3) (1) Where no declaration of solvency is made under section 139, the voluntary winding up shall be a creditor’s voluntary winding up.(cid:3) (2) The directors shall cause— (a) a meeting of the creditors of the company to be summoned for the day, or the day next following the day, on which there is to be held the meeting at which a winding up resolution is to be proposed; (b) the notice of the meeting of creditors to be sent by post to the creditors at the same time as the notice of the meeting of the company are sent; and (c) a copy of the notice of the meeting of creditors to be delivered forthwith to the Director. (3) The directors shall convene the meeting at a time and place convenient to the majority in value of the creditors and shall— (a) give the creditors at least 7 days’ notice of the meeting; and(cid:3) (b) send to each creditor with the notice a statement showing the names of all creditors and the amounts of their claims.(cid:3) (4) The directors shall cause notice of the meeting of the creditors to be advertised at least 7 days before the date of the meeting in one daily newspaper.(cid:3) (5) The directors shall— (a) cause a full statement of the company’s affairs showing, in respect of assets, the method and manner in which the valuation of the assets was arrived at, together with a list of the creditors and the estimated amount of their claims to be laid before the meeting of creditors; (aa) cause a copy of the full statement of the company’s affairs made under paragraph (a) to be lodged forthwith with the Director; and (b) appoint one of their number to attend the meeting.(cid:3) (6) The director so appointed shall attend the meeting and disclose to the meeting the company’s affairs and the circumstances leading up to the proposed winding up.(cid:3) [Issue 9] I14 – 86 Revised Laws of Mauritius (7) The creditors may appoint one of their number or the director appointed under subsection (5) to preside at the meeting.(cid:3) (8) The chairperson shall, at the meeting, determine whether the meeting has been held at a time and place convenient to the majority in value of the creditors and his decision shall be final.(cid:3) (9) Where the chairperson decides that the meeting has not been held at a time and place convenient to that majority, the meeting shall lapse and a further meeting shall be summoned by the company as soon as is practicable.(cid:3) (10) The provisions of the First Schedule shall apply to that meeting so far as they are applicable and consistent with this section.(cid:3) [S. 142 amended by s. 11 (f) of Act 4 of 2017 w.e.f. 20 May 2017.]