Insolvency Practitioners Regulation (Amendments) Act 2019

  • This version was replaced on 29 September 2020 to make corrections to Schedules 1 and 3 under section 25(1)(j)(iv) of the Legislation Act 2012.
34 New section 244 substituted

Section 244 is repealed and the following section substituted:

244 Liquidator to summon meeting of creditors in other cases

(1)

Despite section 243(8), the liquidator of a company to which section 243A applies must call a meeting of creditors for the purpose specified in section 243(1)(a) or (b) if—

(a)

the liquidator is satisfied that the directors who made the declaration described in section 243A did not have reasonable grounds to believe that the company would be able to pay or otherwise provide for its debts within the period stated in the declaration; or

(b)

section 243A ceases to apply to the company.

(2)

If, as a consequence of section 243A ceasing to apply, a new liquidator is appointed, the new liquidator must call the meeting of creditors.

(3)

The provisions of section 243 apply, with any necessary modifications, in relation to the meeting of creditors.

(4)

This section is subject to section 245.