Section 492 CAMA 2020

Section 492 Companies and Allied Matters Act is about Failure to obtain approval of administrator’s proposals. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.

(1) This section applies where an administrator reports to the Court that—

(a) an initial creditors’ meeting has failed to approve the administrator’s proposals presented to it ; or

(b) a creditors’ meeting has failed to approve a revision of the administrator’s proposals presented to it.

(2) The Court may—

(a) provide that the appointment of an administrator shall cease to have effect from a specified time ;

(b) adjourn the hearing conditionally or unconditionally ;

(c) make an interim order ;

(d) make an order on a petition for winding-up suspended by virtue of section 462 (b) of this Act; or

(e) make any other order, including an order making consequential provision, that the Court deems appropriate.