Section 494 CAMA 2020 Section 494 Companies and Allied Matters Act is about Creditors’ Committee. It is under Chapter 18 (Administration of companies: nature of administration) of the Act. (1) A creditors’ meeting may establish a Creditors’ Committee. (2) A Creditors’ Committee shall perform functions conferred on it under this Act. (3) A Creditors’ Committee…

Section 493 CAMA 2020 Section 493 Companies and Allied Matters Act is about Further creditors’meetings. It is under Chapter 18 (Administration of companies: nature of administration) of the Act. (1) The administrator shall summon further creditors’ meeting if— (a) it is requested in the prescribed manner by creditors of the company whose debts amount to…

Section 492 CAMA 2020 Section 492 Companies and Allied Matters Act is about Failure to obtain approval of administrator’s proposals. It is under Chapter 18 (Administration of companies: nature of administration) of the Act. (1) This section applies where an administrator reports to the Court that— (a) an initial creditors’ meeting has failed to approve…

Section 491 CAMA 2020 Section 491 Companies and Allied Matters Act is about Revision of administrator’s proposal. It is under Chapter 18 (Administration of companies: nature of administration) of the Act. (1) This section applies where— (a) an administrator’s proposals have been approved with or without modification at an initial creditors’ meeting ; (b) the…

Section 490 CAMA 2020 Section 490 Companies and Allied Matters Act is about Business and result of initial creditors’ meeting. It is under Chapter 18 (Administration of companies: nature of administration) of the Act. (1) An initial creditors’ meeting to which an administrator’s proposals are presented shall consider them and may approve them— (a) without…

Section 489 CAMA 2020 Section 489 Companies and Allied Matters Act is about Restrictions on summoning of initial creditors’ meeting. It is under Chapter 18 (Administration of companies: nature of administration) of the Act. (1) Section 487 (1) of this Act does not apply where the statement of proposals states that the administrator thinks that—…

Section 488 CAMA 2020 Section 488 Companies and Allied Matters Act is about Requirement for initial creditors’ meeting. It is under Chapter 18 (Administration of companies: nature of administration) of the Act. (1) Each copy of an administrator’s statement of proposals sent to a creditor under section 486 (4) (b) of this Act shall be…

Section 487 CAMA 2020 Section 487 Companies and Allied Matters Act is about Creditors’ meeting. It is under Chapter 18 (Administration of companies: nature of administration) of the Act. (1) Subject to this Part, the administrator shall summon a meeting of the creditors of the company to be known as “creditors’ meeting”— (a) in the…

Section 486 CAMA 2020 Section 486 Companies and Allied Matters Act is about Administrator’s proposals. It is under Chapter 18 (Administration of companies: nature of administration) of the Act. (1) The administrator of a company shall make a statement setting out proposals for achieving the purpose of the administration. (2) A statement under subsection (1)…

Section 485 CAMA 2020 Section 485 Companies and Allied Matters Act is about Period within which to submit statement of affairs. It is under Chapter 18 (Administration of companies: nature of administration) of the Act. (1) A person required to submit a statement of affairs shall do so before the end of 11 working days…