Requirements relating to meetings
3Removal of requirement for annual meetings in a members' voluntary and a creditors' voluntary winding up
1
For Article 79 of the Insolvency Order (general company meeting at each year's end) substitute—
Progress report to company79
1
Subject to Articles 82 and 88,the liquidator must—
a
for each prescribed period produce a progress report relating to the prescribed matters; and
b
within such period commencing with the end of the period referred to in sub-paragraph (a) as may be prescribed send a copy of the progress report to—
i
the members of the company; and
ii
such other persons as may be prescribed.
2
A liquidator who fails to comply with this Article shall be guilty of an offence.
2
For Article 91 of the Insolvency Order (meetings of company and creditors at each year's end) substitute—
Progress report to company and creditors91
1
The liquidator must—
a
for each prescribed period produce a progress report relating to the prescribed matters; and
b
within such period commencing with the end of the period referred to in sub-paragraph (a) as may be prescribed send a copy of the progress report to—
i
the members and creditors of the company; and
ii
such other persons as may be prescribed.
2
A liquidator who fails to comply with this Article shall be guilty of an offence.
3
In Schedule 7 to the Insolvency Order (punishment of offences)—
a
for the entry relating to Article 79(3) substitute—
79(2)
Liquidator failing to send progress report to members.
Summary.
Level 3 on the standard scale.
b
for the entry relating to Article 91(3) substitute—
91(2)
Liquidator failing to send progress report to members and creditors.
Summary.
Level 3 on the standard scale.