Section 315 — Companies Act 1993: Liquidation committees

315 Liquidation committees (1) A liquidation committee must consist of not less than 3 persons who are— (a) Creditors or shareholders; or (b) Persons holding general powers of attorney from creditors or shareholders; or (c) Authorised directors or representatives of companies which are creditors or shareholders of the company in liquidation. (2) A liquidation committee has the power to— (a) Call for reports from the liquidator on the progress of the liquidation: (b) Call a meeting of creditors or of shareholders: (c) Apply to the Court under section 284 and section 286 of this Act: (d) Assist the liquidator as appropriate in the conduct of the liquidation. (3) The provisions set out in Schedule 8 to this Act govern proceedings at meetings of liquidation committees. (4) A meeting of creditors called under subsection (2)(b) of this section shall be held in accordance with Schedule 5 to this Act. (5) Where, by reason of vacancies in a liquidation committee, the committee is unable to act, the liquidator must call attention to the situation in the next six-monthly report required to be prepared and sent under section 255(2)(d) of this Act.