Section 686 CAMA 2020

Section 686 Companies and Allied Matters Act is about Meetings to ascertain wishes of creditors and others. It is under Chapter 24 (Provisions applicable to every mode of winding-up) of the Act.

(1) The Court may, as to all matters relating to the winding-up ofa company, have regard to the wishes of the creditors or contributories of the company, as proved to it by any sufficient evidence, and may, if it deems fit,for the purposes of ascertaining those wishes, direct meetings of the creditors or contributories to be called, held and conducted in such manner as the Court directs and may appoint a person to act as chairman of any such meeting and to report the result to the Court.

(2) In the case of creditors, regard shall be had to the value of each creditor’s debt.

(3) In the case of contributories, regard shall be had to the number of votes conferred on each contributory by this Act or the articles.