Section 493 Companies and Allied Matters Act (CAMA) 2020

Section 493 CAMA 2020

Section 493 Companies and Allied Matters Act is about Further creditors’meetings. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.

(1) The administrator shall summon further creditors’ meeting if—

(a) it is requested in the prescribed manner by creditors of the company whose debts amount to at least 10% of the total debts of the company ; or

(b) he is directed by the Court to summon a creditors’ meeting.

(2) An administrator commits an offence if he fails, without reasonable excuse, to summon a creditors’ meeting as required by this section.

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Section 493 Companies and Allied Matters Act (CAMA) 2020

Section 493 CAMA 2020

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