Companies Act 1993 Liquidation Regulations 1994
| Record Number | DLM191647 |
| Year | 1994 |
| Reference | SR 1994/130 |
| Citation | SR 1994/130 |
| Type of Document | Secondary Legislation |
These regulations may be cited as the Companies Act 1993 Liquidation Regulations 1994.
These regulations shall come into force on 1 July 1994.
In these regulations, unless the context otherwise requires,—the Act means the Companies Act 1993company means a company that is in liquidationregistered bank has the same meaning as in the Banking (Prudential Supervision) Act 1989.
These regulations shall apply, so far as they are relevant, to the conduct of every company that is in liquidation.
These regulations shall not apply to any court proceedings including—aproceedings for an order to put a company into liquidation; orbproceedings for the appointment of an interim liquidator; orcproceedings for an order under section 174 of the Act.
The High Court Rules 2016 shall apply to the proceedings referred to in subclause (2).
A form in the Schedule may be varied as the circumstances of any particular case may require.
The sum of $1,000 is the amount prescribed for the purposes of paragraph (a) of subsection (2) of section 289 of the Act.
A claim by an unsecured creditor under section 304(1) of the Act shall be in form 1 of the Schedule.
A valuation and claim by a secured creditor under section 305(4) of the Act shall be in form 2 of the Schedule.
Where a liquidator, under section 304(3) or section 305 of the Act, revokes or amends his or her decision to admit or reject a claim in whole or in part, the liquidator must record his or her amended decision in writing.
A creditor making his or her claim shall deduct all trade discounts which he or she would otherwise have given if the company had not gone into liquidation.
When any payment (including rent) falls due at stated periods, and liquidation commences at any time other than at the beginning of one of those periods, the persons entitled to the payment may claim up to the date of commencement of liquidation as if the payment accrued on a daily basis.
Nothing in subclause (1) shall affect the right of the lessor of the property to claim rent that accrues on or after the commencement of liquidation.
A person may make a claim on behalf of all or a number of employees of the company.
A schedule setting out the names of the employees, and the amounts severally due to them, shall be attached to the claim.
Any claim made in compliance with this regulation shall have the same effect as if separate claims had been made by each of the employees.
Subject to the provisions of the Act, and unless otherwise ordered by the court, the liquidator may fix a certain day, which shall not be less than 10 working days from the date of the notice, on or before which the creditors of the company are to make their claims, and to establish any priority their claims may have under section 312 of the Act.
The liquidator shall give public notice of the day fixed in accordance with subclause (1).
Subject to subclause (2), any creditor who fails to make his or her claim on or before the day fixed in accordance with regulation 12 shall be excluded from the benefit of any distribution made before his or her claim is made.
A creditor who makes a claim after the day fixed in accordance with regulation 12 and whose claim is admitted shall be entitled to receive the benefit of any distribution from which the creditor was previously excluded if any assets remain, or, in the opinion of the liquidator, are likely to remain, available for distribution.
Subject to subclause (2), any creditor who fails to establish any priority that his or her claim may have on or before the day fixed in accordance with regulation 12 shall be excluded from objecting to any distribution made before the priority of his or her claim is established.
The liquidator may, in making any distribution after the claim is admitted, make an assumption as to the priority that the claim may have and accord the creditor the benefit of the distribution accordingly.
A creditor who establishes the priority of his or her claim after the day fixed in accordance with regulation 12 shall be entitled to receive the benefit of any distribution from which the creditor was previously excluded (if any) if any assets remain, or, in the opinion of the liquidator, are likely to remain, available for distribution.
Where any creditor applies to the court under section 284(1) (b) of the Act for an order reversing or modifying the decision of a liquidator to reject the creditor's claim, the liquidator may in any such case make provision for the dividend upon the claim, and the probable cost of the application in the event of the claim being admitted.
Where no notice of an application under section 284(1) (b) of the Act has been given within the time specified in the High Court Rules 2016 for appeals to the High Court, the liquidator shall exclude all claims which have been rejected from participation in the dividend.
Where any creditor applies to the court under section 284(1) (b) of the Act for an order reversing or modifying the decision of a liquidator to reject the creditor's claim, the court may, if it thinks fit,—aallow any costs of any creditor to be added to his or her claim:ballow any costs of any party to be paid out of the assets of the company, such costs being deemed to be expenses of the liquidator:corder any costs to be paid by any party to the proceedings other than the liquidator.
Every meeting of creditors or shareholders called under Part 16 of the Act shall be held at such place as is, in the opinion of the person convening the meeting, most convenient for the majority of the creditors or shareholders.
The person chairing a meeting of creditors or shareholders, as the case may be, must ensure that an accurate record is kept of all creditors or shareholders, as the case may be, present or represented at the meeting, including—ain the case of a meeting of creditors—ithe name of each creditor present or represented:iiwhether the creditor has made a claim, and the amount of the...
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