Composition of committee when creditors paid in full
17. For Rule 4.59 (composition of committee when creditors paid in full)(1)—
“Composition of committee when creditors paid in full
4.59.—(1) Where the creditors have been paid in full together with interest in accordance with section 189(2), the liquidator must, without delay—
(a)issue a certificate to that effect by sending a copy to each member of the liquidation committee; and
(b)send a notice to that effect, together with a copy of the certificate to the Accountant in Bankruptcy.
(2) On the issue of a certificate the creditor members of the liquidation committee cease to be members of the committee.
(3) The committee continues to exist unless—
(a)it is abolished by a decision of a meeting of contributories; or
(b)the number of members is less than 3 and 28 days have elapsed since the issue of the liquidator’s certificate.
(4) At any time in the period referred to in paragraph (3)(b) where the committee consists of less than 3 contributory members it is suspended and cannot act.
(5) The certificate issued under paragraph (1)(a) must—
(a)identify the liquidator;
(b)contain a statement by the liquidator certifying that the creditors of the company have been paid in full with interest in accordance with section 189; and
(c)be authenticated and dated by the liquidator.”.
Rule 4.59 was amended by S.I. 1999/1820.
Section 189 (interest on debts) of the 1986 Act.