323 Examination of liquidator‘s accounts by creditors

(1) In a compulsory winding up, when the liquidator has realised the
company‘s assets he shall subject to this section —


(a) arrange a creditors‘ meeting for the purpose of examining and
verifying the financial statements and creditors‘ claims and
preferences; and

(b) fix a date for the distribution of the company‘s assets.

(2) In relation to a creditors meeting under subsection (1)(a), the liquidator
of a company shall not less than 14 days before the date upon which the
meeting is to be held —

(a) send a notice of the meeting to every creditor; and

(b) give notice of the meeting by advertising it in —

(i) the Gazette or a newspaper published and in daily
circulation in Seychelles; and

(ii) unless the company has no principal place of business
outside Seychelles, a newspaper published and
circulating in the place of the company‘s principal
place of business outside Seychelles.


(3) In relation to a proposed distribution under subsection (1)(b), the
liquidator of a company shall not less than 14 days before the date upon
which the distribution is to be made —

(a) send a notice of the distribution to every creditor; and

(b) give notice of the distribution by advertising it in —

(i) the Gazette or a newspaper published and in daily
circulation in Seychelles; and

(ii) unless the company has no principal place of business
outside Seychelles, a newspaper published and
circulating in the place of the company‘s principal place
of business outside Seychelles.

(4) A member of the company shall have the right to attend the meeting
referred to in subsection (1)(a).

(5) Subject to subsections (2) (3), (6) and (7), after holding the meeting
referred to in subsection (1)(a), the liquidator shall distribute such part of
the company‘s assets as he thinks fit in relation to any claim.

(6) Subsection (5) is without prejudice to the right of a liquidator or a
director, member or creditor of a company to apply to the Court for
directions concerning any aspect of the winding up, including in relation
to a creditor‘s claim.

(7) If there is a pending application before the Court in relation to any aspect
of the winding up, including in relation to a creditor‘s claim, the
liquidator shall not pay or discharge any liabilities and obligations of the
company —

(a) until determination of the application by the Court; or

(b) before then, with the written consent of all creditors or with the
leave of the Court.