Court ordered meeting of creditors
415 Court ordered meeting of creditors
(1) If a compromise or arrangement is proposed between a co‑operative and any of its creditors, the Supreme Court may, on application by an appropriate person, order a meeting or meetings of the creditors concerned.
An appropriate person to apply for an order is:
the co-operative; or
a member of the co-operative; or
one of the creditors concerned; or
for a co-operative being wound up – the liquidator.
(3) The meeting must be called in the way and be held in the place or places (in this jurisdiction or elsewhere) the Supreme Court directs.
(4) In considering whether to make an order for a meeting to be held in another jurisdiction, the Supreme Court may have regard to where creditors concerned reside.
This Act’s bill:Explanatory statement
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