295. Duty of liquidator to call creditors’ meeting in case of insolvency

Question 1

295. Duty of liquidator to call creditors’ meeting in case of insolvency

Alternative provisions as to annual meetings in case of insolvency

Answer 1

General overview
[295.01] Section 295 provides for the conversion of a members’ voluntary winding up into a creditors’ voluntary winding up. Subsection (1) provides that a members’ voluntary winding up shall be converted into a creditors’ voluntary winding up when the liquidator is of the opinion that the company will not be able to pay or provide for the full payment of its debts within the full period stated in the declaration under s 293.