1984 Ed.]
Companies
[CAP. 32
219
227C. The court may vary the procedure for ascertaining the wishes and directions of creditors and contributories, and for keeping such creditors and contributories informed as to any matter relating to the winding up, and for such purposes the court may-
(a) order that the Official Receiver or liquidator inform the creditors and contributories of such matters in such manner as it may direct;
(b) for the purposes of sections 200 and 287 order that the wishes of creditors and contributories be ascertained by the Official Receiver or liquidator in such manner as it may direct;
(c) for the purposes of section 200 order that the wishes of the creditors and contributories ascertained pursuant to paragraph (b) be reported by the Official Receiver or liquidator to the court, which may thereupon give such directions as it sees fit, and that notwithstanding section 200(2) the liquidator shall not be required to summon any meetings of creditors or contributories:
Provided that nothing in section 227A(4) or in this paragraph shall operate to prevent any person making application to the court under section 200(5);
(d) order that instead of the same being sent by post as required under section 203(5) the account of the liquidator or a summary thereof be communicated by the Official Receiver to the creditors and contributories in such manner as it may direct.
(Added, 22 of 1965, s. 2)
227D. (1) The court may for the purposes of section 166 and notwithstanding subsection (1) thereof order that the wishes of creditors or contributories concerning agreement to or rejection of any compromise or arrangement be ascertained by the liquidator in such manner as it may direct including the conduct of a ballot and the use of voting letters and without holding meetings.
(2) Where a majority in number and three-fourths in value of the creditors, or a class of creditors, as the case may be, who have proved their debt, or who by virtue of section 227E are deemed for voting purposes to have proved a debt exceeding $250, agree to any compromise, such agreement shall, for the purposes of section 166, have the same effect as if a meeting of the creditors or class of creditors had been summoned under section 166(1) and a majority in number representing three-fourths in value of the creditors or class of creditors, as the case may be, had been present and voted either in person or by proxy at the meeting and agreed to the compromise. (Amended, 81 of 1976, s. 3)
(3) In the event of the court ordering the holding of any meetings it may order that the provisions of this Ordinance relating to the holding of meetings be varied, abrogated or added to for the purpose of such meetings.
Informing creditors and contributories and ascertaining their wishes and directions.
Compromises and arrangements with creditors.