Companies Act Section 363 — Settlement of claims of creditors by Official Liquidator

CHAPTER XX WINDING UP

Commercial / Corporate

Summary

Sub-section (1) states that within thirty days of being appointed, the Official Liquidator must ask the company's creditors to prove their claims. The creditors have to do this in the manner that is prescribed, and they must do so within thirty days of receiving the call from the Official Liquidator.

Sub-section (2) requires the Official Liquidator to prepare a list of the creditors' claims in the prescribed manner. Each creditor must be told whether their claim has been accepted or rejected, and the reasons for that decision must be recorded in writing.

Official Text

(1) The Official Liquidator within thirty days of his appointment shall call upon the creditors of the company to prove their claims in such manner as may be prescribed, within thirty days of the receipt of such call.

(2) The Official Liquidator shall prepare a list of claims of creditors in such manner as may be prescribed and each creditor shall be communicated of the claims accepted or rejected along with reasons to be recorded in writing.