On 18/05/2013,
you requested for the version in force on 18/05/2013
incorporating all amendments published on or before 18/05/2013.
The closest version currently available is that of 01/03/2009.
MEETINGS OF CREDITORS IN RELATION TO A JUDICIAL MANAGEMENT
54. The meeting of creditors under section 227N(1) of the Act (referred to in these Regulation as the first meeting of creditors) shall be held within 60 days after the date of the judicial management order or within such further time as the Court may approve.
55. The judicial manager shall give notice of the date fixed by him for the first meeting of creditors by advertisement in the Gazette and in one English and one Chinese local daily newspaper.
56. The first meetings of creditors shall be summoned as hereinafter provided.
57. The notice of first meeting of creditors shall be in accordance with Form 63L in the Second Schedule and the notices to creditors shall state a time within which the creditors must lodge their proofs in order to entitle them to vote at the first meeting.
58.
—(1) The judicial manager shall also give to each of the directors and other officers of the company who in his opinion ought to attend the first meeting of creditors 7 days’ notice in accordance with Form 63M in the Second Schedule of the time and place appointed for each meeting, such notice to be delivered personally or sent by prepaid post, as may be convenient.
(2) It shall be the duty of every officer who receives notice of such meeting to attend if so required by the judicial manager, and if any such director or officer fails to attend the judicial manager shall report such failure to the Court.
59.
—(1) The judicial manager shall also, as soon as possible, send to each creditor mentioned in the company’s statement of affairs a summary of the company’s statement of affairs including the causes of its inability to pay its debts and any observations thereon which the judicial manager may think fit to make.
(2) The proceedings at a meeting shall not be invalidated by reason of any summary or notice required by these Regulations not having been sent or received before the meeting.
60.
—(1) In addition to the first meeting of creditors, the judicial manager in any judicial management may himself from time to time subject to the provisions of the Act and the control of the Court summon, hold and conduct meetings of the creditors (referred to in these Regulation as judicial manager’s meetings of creditors) for the purpose of ascertaining their wishes in all matters relating to the judicial management.
(2) The notice calling for such meetings shall be in accordance with Form 63N in the Second Schedule.
61. Except where and so far as the nature of the subject-matter or the context may otherwise require, the regulations relating to meetings hereinafter set out shall apply to the first meeting and the judicial manager’s meetings of creditors, but so that those regulations shall take effect subject and without prejudice to any express provisions of the Act.
62.
—(1) The judicial manager shall summon all meetings of creditors by giving not less than 7 days’ notice of the time and place thereof in the Gazette and shall, not less than 7 days before the day appointed for the meeting, send by post to every person appearing by the company’s books to be a creditor of the company, a notice of the meeting of creditors.
(2) The notice to each creditor shall be sent to the address given in his proof, or, if he has not proved, to the address given in the statement of affairs of the company, or to such other address as may be known to the person summoning the meeting.
63. An affidavit in accordance with Form 63O in the Second Schedule by the judicial manager or his solicitor or the agent of either of such persons, that the notice of any meeting has been duly posted, shall be sufficient evidence of such notice having been duly sent to the person to whom the notice was addressed.
64. Every meeting shall be held at such place as is in the opinion of the person convening the meeting most convenient for the majority in number of value of the creditors.
65.
—(1) The costs of summoning a meeting of creditors at the instance of any person other than the judicial manager shall be paid by the person at whose instance it is summoned who shall before the meeting is summoned deposit with the judicial manager such sum as may be required by the judicial manager as security for the payment of such costs.
(2) The costs of summoning such meetings of creditors including all disbursements for printing, stationery, postage and the hire of room, shall be calculated at the following rate for each creditor to whom notice is required to be sent;
(a)
$5 per creditor for the first 50 creditors,
(b)
$3 per creditor for the next 50 creditors, and
(c)
$2 per creditor for any number of creditors after the first 100.
(3) The said costs shall be repaid out of the assets of the company if the Court shall by order, or if the creditors shall by resolution, so direct.
67. At a meeting of creditors, a resolution shall be deemed to be passed when a majority in number and value of the creditors present, personally or by proxy, and voting on the resolution, have voted in favour of the resolution.
68. [Deleted by S 16/2003 wef 13/01/2003]
69. Where a meeting of creditors is summoned by notice, the proceedings and resolutions at the meeting shall, unless the Court otherwise orders, be valid, notwithstanding that some creditor may not have received the notice sent to them.
70. The chairman may with the consent of the meeting adjourn it from time to time and from place to place, and then shall issue a memorandum in accordance with Form 63P in the Second Schedule but the adjourned meeting shall be held at the same place as the original place of meeting unless in the resolution for adjournment another place is specified or unless the Court otherwise orders.
71.
—(1) A creditors’ meeting may not act for any purpose except the election of a chairman, the proving of debts and the adjournment of the meeting unless there are present or represented thereat at least 3 creditors entitled to vote or all the creditors entitled to vote if the number of the creditors entitled to vote does not exceed 3.
(2) If within half an hour from the time appointed for the meeting a quorum of creditors is not present or represented, the meeting shall be adjourned to the same day in the following week at the same time and place or to such other day as the chairman may appoint, not being less than 7 nor more than 21 days from the day from which the meeting was adjourned.
(3) If within half an hour from the time appointed for the adjourned meeting a quorum of creditors is not present or represented, the adjourned meeting shall not be further adjourned.
72. In the case of a first meeting of creditors or of an adjournment thereof, a person shall not be entitled to vote as a creditor unless he has duly lodged with the judicial manager not later than the time mentioned for that purpose in the notice convening the meeting or adjourned meeting a proof of the debt which he claims to be due to him from the company.
73. A creditor shall not vote in respect of any unliquidated or contingent debt, or any debt the value of which is not ascertained, nor shall a creditor vote in respect of any debt on or secured by a current bill of exchange or promissory note held by him unless he is willing to treat the liability to him thereon of every person who is liable thereon antecedently to the company, and against whom a receiving order in bankruptcy has not been made, as a security in his hands, and to estimate the value thereof, and for the purposes of voting to deduct it from his proof.
74. For the purpose of voting, a secured creditor shall, unless he surrenders his security, state in his proof the particulars of his security, the date when it was given, and the value at which he assesses it, and shall be entitled to vote only in respect of the balance (if any) due to him after deducting the value of his security. If he votes in respect of his whole debt he shall be deemed to have surrendered his security, unless the Court on application is satisfied that the omission to value the security has arisen from inadvertence.
75. The chairman shall have power to admit or reject a proof for the purpose of voting, but his decision shall be subject to appeal to the Court. If he is in doubt whether a proof shall be admitted or rejected, he shall mark it as objected to and allow the creditor to vote subject to the vote being declared invalid in the event of the objection being sustained.
76. For the purpose of voting at any meeting in a judicial management, a secured creditor shall lodge with the judicial manager before the meeting a statement giving the particulars of his security, the date when it was given and the value at which he assesses it.
77.
—(1) The chairman shall cause minutes of the proceedings at the meeting to be drawn up and fairly entered in a book kept for that purpose and the minutes shall be signed by him or by the chairman of the next ensuing meeting.
(2) A list of creditors present at every meeting shall be made and kept in accordance with Form 63R in the Second Schedule.