Conduct of the Liquidation | Creditors

Liquidation committee

The creditors may, if they think fit, appoint a liquidation committee (minimum three, maximum five creditors). The functions of the liquidation committee include:

• sanctioning continuance of such directors' powers, if any, as may be considered appropriate (these powers otherwise cease on the appointment of the liquidator):
  
• approving the payment of any class of creditors in full:
• approving compromises with creditors:
  
• receiving reports from the liquidator on the conduct of the liquidation:
  
• determining the basis of the liquidator's remuneration.

The first meeting of this committee will usually be held immediately after the creditors' meeting. A committee member can only be reimbursed reasonable travel expenses for his troubles.