Section 488 CAMA 2020

Section 488 Companies and Allied Matters Act is about Requirement for initial creditors’ meeting. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.

(1) Each copy of an administrator’s statement of proposals sent to a creditor under section 486 (4) (b) of this Act shall be accompanied by an invitation to creditors’ meeting (an “initial creditors’ meeting”).

(2) The date set for an initial creditors’ meeting is 42 days beginning with the date on which the company enters administration.

(3) An administrator shall present a copy of his statement of proposals to an initial creditors’ meeting.

(4) A period specified in this section may be varied in accordance withsection 546.

(5) An administrator commits an offence if he fails, without reasonable excuse, to comply with a requirement of this section.