XN000022-1990-07-25 — Page 37

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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

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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