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CVL PROCEDURE - CALLING OF THE CREDITORS MEETING
SECTION 98 OF THE INSOLVENCY ACT 1986
(1) The company shall-
(a) cause a meeting of its creditors
to be summoned for a day not later than the 14th day after
the day on which there is to be held the company meeting at
which the resolution for voluntary winding up is to be proposed;
(b) cause the notices of the creditors'
meeting to be sent by post to the creditors not less than
7 days before the day on which that meeting is to be held;
and
(c) cause notice of the creditors' meeting
to be advertised once in the Gazette and once at lease in
two newspapers circulating in the relevant locality (that
is to say the locality in which the company's principal place
of business in Great Britain was situated during the relevant
period).
(2) The notice of the creditors' meeting
shall state either-
(a) the name and address of a person
qualified to act as an insolvency practitioner in relation
to the company who, during the period before the day on which
that meeting is to be held, will furnish creditors free of
charge with such information concerning the company's affairs
as they may reasonably require; or
(b) a place in the relevant locality
where, on the two business days falling next before the day
on which that meeting is to be held, a list of the names and
addresses of the company's creditors will be available for
inspection free of charge.
(3) Where the company's principal place
of business in Great Britain was situated in different localities
at different times during the relevant period, the duties
imposed by subsections (1)(c) and (2)(b) above apply separately
in relation to each of those localities.
(4) Where the company had no place of
business in Great Britain during the relevant period, references
in subsections (1)(c) and (3) to the company's principal place
of business in Great Britain are replaced by references to
its registered office.
(5) In this section "the relevant period"
means the period of 6 months immediately preceding the day
on which were sent the notices summoning the company meeting
at which it was resolved that the company be wound up voluntarily.
(6) If the company without reasonable
excuse fails to comply with subsection (1) or (2), it is guilty
of an offence and liable to a fine.
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