35
WEDNESDAY, JULY 25, 1990
THE PRESENT SYSTEM,
OF A "I SHOULD, HOWEVER, REITERATE THAT UNDER
TIME DURING THE COURSE
ΤΟ THE OFFICIAL CREDITORS CAN SEEK CONVERSION AT ANY COMPULSORY LIQUIDATION TO AVOID THE PAYMENT OF FEES RECEIVER FOR HIS INVESTIGATORY WORK," HE SAID.
TO DATE WAS
THAT
OF
GIVEN IN AVOIDING
MR NENDICK NOTED THAT THE MAIN REASON WHICH HAD BEEN
CONVERSIONS MOST OF THE SUCCESSFUL PAYMENT OF SUCH FEES.
"THIS TS AN UNSATISFACTORY
NEEDS AND SITUATION
TO
BE
RECTIFIED," HE SAID.
ΤΟ REMEDY
WEAKNESS THIS
ΤΟ IS
REQUIRE
ANY MONTHS
"OUR PROPOSAL APPLICATION FOR CONVERSION TO BE MADE WITHIN A PERIOD OF THREE FROM THE STATUTORY FIRST MEETINGS.
IN NORMAL
ON
THE
11
SHOULD PERIOD TIME THIS THAT "WE BELIEVE CIRCUMSTANCES BE SUFFICIENT FOR CREDITORS TO REACH A DECISION WAY FORWARD AND FOR THEM TO PREPARE THE NECESSARY DOCUMENTS,
BE PARTICULAR MIGHT THERE THAT HOWEVER, MR NENDICK SAID, CIRCUMSTANCES IN WHICH CREDITORS WOULD NEED MORE TIME TO CONSIDER QUESTION OF CONVERSION.
THE
"ACCORDINGLY, THE BILL
FOR PROVIDES MEETING. CREDITORS CAN ALSO APPLY TO THE COURT THE TIME LIMIT.
AN ADJOURNMENT
FOR AN
OF THE EXTENSION
OF
"THERE ARE THUS ADEQUATE SAFEGUARDS AVAILABLE TO THE
AND CONTRIBUTORIES," HE SAID.
CREDITORS
THE VARIOUS MATTERS REGARD ON THE SECOND AREA OF CONCERN RELATED TO RELATING TO THE PUBLIC INTEREST TO WHICH THE COURT SHOULD HAVE
THE ACTING FINANCIAL AND TO THE OFFICIAL RECEIVER'S RIGHT OF AUDIENCE BEFORE THE COURT ON
CONVERSION,
WAS TO SPECIFY THE HEARING OF AN APPLICATION FOR
SECTION 209A(2)
SHALL CONSIDER COURT SECRETARY SAID THE PURPOSE OF THE
WHICH THE VARIOUS MATTERS OF PUBLIC INTEREST BEFORE EXERCISING ITS DISCRETION UNDER THE NEW SUBSECTION (1).
A PARTICULAR "IF CERTAIN FACTORS CANNOT APPLY IN CLEARLY THE COURT WOULD NOT NEED TO HAVE REGARD TO THEM, SAID.
11
CASE, THEN MR NENDICK
SHOULD MAINTAIN A THE NEW UNDER
SAID
WAS
AS FOR THE VIEW THAT THE OFFICIAL RECEIVER
RIGHT OF AUDIENCE HIS AND THAT STANCE NEUTRAL
NENDICK MR SHOULD BE REMOVED, SUBSECTION 209A(7) IMPORTANT FOR THE OFFICIAL RECEIVER TO HAVE THE RIGHT TO BE ANY APPLICATION FOR CONVERSION AS THERE MIGHT BE GOOD REASONS PUBLIC INTEREST FOR HIM TO SUPPORT OR OPPOSE A PARTICULAR APPLICATION.
HOC GROUP
IT HEARD ON IN THE
VIEW OUR SHARES "I AM GLAD THAT THE AD AMENDMENT TO SECTION 209A (7) IS REQUIRED," HE SAID.
THAT NO
AMENDMENTS TO THE BILL WERK INTRODUCED
THE COMMITTEE STAGE.
BY
MR NENDICK
DURING
/"THE ADDITION