325. Meetings to ascertain wishes of creditors or contributories Flashcards
1
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- Meetings to ascertain wishes of creditors or contributories
A
General overview
[325.01] As to matters relating to the winding up of a company, the court is empowered under s 325 to have regard to the wishes of creditors or contributories and to direct that meetings be called, held and conducted to ascertain these wishes. For creditors, regard shall be had to the value of their respective debt and for contributories, regard shall be had to the number of votes conferred on each contributory by the Act or the constitution. In other words, the court will have regard to the creditor holding the largest debt against the company, and the contributory having the largest votes under the Act or the constitution.
