Article 68 - Effect of Company's Insolvency
(1) This Article applies where the
Liquidator is of the opinion that the Company will be unable to pay its debts in full within the period stated in the directors' declaration under Article 63.
Liquidator shall summon a meeting of creditors for a day not later than the 21st day after the day on which he formed that opinion, and send notices of the creditors' meeting to each creditor of whose address he is aware by post not less than 14 days before the day on which that meeting is to be held.
Liquidator must furnish creditors free of charge with such information concerning the affairs of the Company as they may reasonably require, and the notice of the creditors' meeting shall state this duty.
Liquidator shall also make out a statement of the affairs of the Company and lay that statement before the creditors' meeting.
(5) The statement shall be verified by a statement of truth by the
Liquidator and shall show:
(A) particulars of the
Company's assets, debts and liabilities;
(B) the names and addresses of its creditors;
Security Interests held by them respectively;
(D) the dates when the
Security Interests were respectively given; and
(E) such further or other information as may be prescribed.