Section 490 CAMA 2020

Section 490 Companies and Allied Matters Act is about Business and result of initial creditors’ meeting. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.

(1) An initial creditors’ meeting to which an administrator’s proposals are presented shall consider them and may approve them—

(a) without modification ; or

(b) with modification to which the administrator consents.

(2) After the conclusion of an initial creditors’ meeting the administrator shall, as soon as is reasonably practicable, report any decision taken to—

(a) the Court ;

(b) the Commission ; and

(c) such other persons as may be prescribed by the Minister.

(3) An administrator commits an offence if he fails, without reasonable excuse, to comply with subsection (2).