Section 629 CAMA 2020

Section 629 Companies and Allied Matters Act is about Liquidator to call creditors’ meeting on insolvency. It is under Chapter 22 (Voluntary winding-up resolutions for and commencement of voluntary winding-up) of the Act.

(1) If, in the case of a winding-up commenced after the commencement of this Act, the liquidator is, at any time, of the opinion that the company will not be able to pay its debts in full within the period stated in the declaration under section 625 of this Act, he shall immediately summon meeting of the creditors, and lay before the meeting a statement of the assets and liabilities of the company.

(2) If the liquidator fails to comply with this section, he is liable to a penalty in such amount as the Commission shall specify in its regulations.