Companies (Amendment) Act, 1990
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Hearing of matters arising from examiner's report. |
17.—(1) Where, in a report made under section 15 , the examiner expresses the opinion that— | |
(a) the whole or any part of the undertaking of the company to which he has been appointed would not be capable of survival as a going concern, or | ||
(b) the formulation, acceptance, or confirmation of proposals for a compromise or scheme of arrangement would not facilitate such survival, or | ||
(c) an attempt to continue the whole or part of the undertaking of the company would not be likely to be more advantageous to the members as a whole, or the creditors as a whole, than a winding-up of the company, or | ||
(d) there is evidence of a substantial disappearance of property that is not adequately accounted for, or of other serious irregularities in relation to the company's affairs, | ||
the court shall, as soon as may be after the receipt of the examiner's report, hold a hearing to consider matters arising out of the report. | ||
(2) The following parties shall be entitled to appear and be heard at a hearing under subsection (1)— | ||
(a) the examiner, | ||
(b) the company, | ||
(c) any interested party, | ||
(d) any person who is referred to in the report in relation to the matters mentioned in subsection (1) (d). | ||
(3) Following a hearing under this section, the court may make such order or orders as it deems fit. | ||
(4) Without prejudice to the generality of subsection (3), an order under that subsection may include an order for— | ||
(a) the discharge from the protection of the court of the whole or any part of the assets of the company, | ||
(b) the imposition of such terms and conditions as it sees fit for the continuance of the protection of the court, | ||
(c) the winding-up of the company, | ||
(d) the sale of the whole or any part of the undertaking of the company on such terms and conditions, including terms and conditions relating to the distribution of the proceeds of such sale, as the court sees fit, and, if necessary for that purpose, the appointment of a receiver, | ||
(e) the formulation by the examiner of proposals for a compromise or scheme of arrangement, | ||
(f) the summoning of the meetings mentioned in this Act for the purpose of considering proposals for a compromise or scheme of arrangement, | ||
(g) the calling, holding and conduct of a meeting of the board of directors, or a general meeting of the company, to consider such matters as the court shall direct. | ||
(5) On the making of an order under this section, the examiner or such other person as the court may direct shall deliver an office copy of the order to the registrar of companies for registration. | ||
(6) Where the court makes an order for the winding-up of a company under this Act, such a winding-up shall be deemed to have commenced on the date of the making of the order, unless the court otherwise orders. |