Section 115Part 5 — Company Restructuring and Winding Up
Meetings to ascertain wishes of creditors or contributories
←→ Navigate · Click subsection badges to collapse · Press ? for help
The Court shall, as t o all matters relating to the winding up, have regard to wishes of the creditors or contributories and for that purpose it may direct reports to be prepared by the official liquidator and meetings of creditors or contributories to be summoned.
If it co nsiders it necessary to do so, the Court may direct that separate meetings be held of different classes of creditors or contributories.
Subject to Rules made under section 155 , meetings may be requisitioned by creditors, if the company is insolvent, or by contributories if the company is solvent.
The votes of creditors and contributories shall be counted by reference to —
the value of their debts, in the case of creditors;
the number of votes, in the case of contributories whose shares carry voting rights under the articles of association of the company; and
the par value of all the shares held, in the case of contributories whose shares do not carry votes under the articles of association of the company and, where there are no par value shares, the net asset value of the company shown. Voluntary Winding up