Section 487 CAMA 2020

Section 487 Companies and Allied Matters Act is about Creditors’ meeting. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.

(1) Subject to this Part, the administrator shall summon a meeting of the creditors of the company to be known as “creditors’ meeting”—

(a) in the prescribed manner ; and

(b) giving the prescribed period of notice to every creditor of the company of whose claim and address he is aware.

(2) A period prescribed under subsection (1) (b) may be varied in accordance with section 546 of this Act. (3) A creditors’ meeting shall be conducted in accordance with the prescribed rules.