Companies Winding-Up Rules




  1. Every meeting shall be held at such place as is in the opinion of
    the person convening the same most convenient for the majority of the
    creditors or contributories or both. Different times or places or both may,
    if thought expedient, be named for the meetings of creditors and for the
    meetings of contributories.

  2. The costs of summoning a meeting of creditors or contributories at
    the instance of any person other than the Official Assignee or liquidator shall
    be paid by the person at whose instance it is summoned, who shall, before
    the meeting is summoned, deposit with the Official Assignee or liquidator
    (as the case may be) such sum as may be required by the Official Assignee
    or liquidator as security for the payment of such costs. The costs of
    summoning such meeting of creditors or contributories, including all dis-
    bursements for printing, stationery, postage, and the hire of room, shall
    be calculated at the following rate for each creditor or contributory to whom
    notice is required to be sent—namely, two shillings per creditor or con-
    tributory for the first twenty creditors or contributories, one shilling per
    creditor or contributory for the next thirty creditors or contributories,
    sixpence per creditor or contributory for any number of creditors or con-
    tributories after the first fifty. The said costs shall be repaid out of the
    assets of the company if the Court shall by order or if the creditors or
    contributories (as the case may be) shall by resolution so direct. This
    rule shall not apply to meetings under section 234 or section 238 of the
    Act.

  3. Where a meeting is summoned by the Official Assignee or the
    liquidator, he or someone nominated by him shall be Chairman of the
    meeting. At every other meeting of creditors or contributories the Chair-
    man shall be such person as the meeting by resolution shall appoint. This
    rule shall not apply to meetings under section 234 of the Act.

  4. At a meeting of creditors a resolution shall be deemed to be passed
    when a majority in number and value of the creditors present personally
    or by proxy and voting on the resolution have voted in favour of the re-
    solution, and at a meeting of the contributories a resolution shall be deemed
    to be passed when a majority in number and value of the contributories
    present personally or by proxy and voting on the resolution have voted
    in favour of the resolution, the value of the contributories being deter-
    mined according to the number of votes conferred on each contributory
    by the regulations of the company.

  5. The Official Assignee or, as the case may be, the liquidator shall
    file in the registry a copy certified by him of every resolution of a meeting
    of creditors or contributories in a winding-up by the Court.

  6. Where a meeting of creditors or contributories is summoned by
    notice the proceedings and resolutions at the meeting shall, unless the Court
    otherwise orders, be valid notwithstanding that some creditors or con-
    tributories may not have received the notice sent to them.

  7. The Chairman may with the consent of the meeting adjourn it
    from time to time and from place to place, but the adjourned meeting shall
    be held at the same place as the original meeting unless in the resolution
    for adjournment another place is specified or unless the Court otherwise
    orders.

  8. (1) A meeting may not act for any purpose except the election
    of a Chairman, the proving of debts, and the adjournment of the meeting
    unless there are present or represented thereat at least three creditors
    entitled to vote or three contributories or all the creditors entitled to vote
    or all the contributories if the number of creditors entitled to vote or the
    contributories, as the case may be, shall not exceed three.

(2) If within half an hour from the time appointed for the meeting a
quorum of creditors or contributories is not present or represented the
meeting shall be adjourned to the same day in the following week at the
same time and place or to such other day or time or place as the Chairman
may appoint, but so that the day appointed shall be not less than seven or
more than twenty-one days from the day from which the meeting was
adjourned.

  1. In the case of a first meeting of creditors or of an adjournment
    thereof a person shall not be entitled to vote as a creditor unless he has
    duly lodged with the Official Assignee not later than the time mentioned
    for that purpose in the notice convening the meeting or adjourned meeting
    a proof of the debt which he claims to be due to him from the company.
    In the case of a Court meeting or liquidator's meeting of creditors a person
    shall not be entitled to vote as a creditor unless he has lodged with the
    Official Assignee or liquidator a proof of the debt which he claims to be due


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⚖️ Companies (Winding-Up) Rules and Supreme Court (Companies) Rules (continued from previous page)

⚖️ Justice & Law Enforcement
20 November 1934
Rules, Companies, Winding-Up, Supreme Court, Order in Council