Commentary

128 Control of exercise of administrator’s powers

BANKRUPTCY AND INSOLVENCY (CORPORATE INSOLVENCY) vol 3(3)
| Commentary

128 Control of exercise of administrator’s powers

| Commentary

128 Control of exercise of administrator’s powers

The administrator of a company must seek a decision from the company's creditors on a matter within 28 days from receipt of the requisition if:

  1. 128.1

        It is requested in the prescribed manner by creditors of the company whose debts amount to at least 10% of the total debts of the company; or

  2. 128.2

        He is directed by the court to seek a decision of creditors, and he commits an offence if he fails to do so without reasonable excuse1.

The matters which might be covered by such a meeting appear to be unlimited

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