Section 494 CAMA 2020

Section 494 Companies and Allied Matters Act is about Creditors’ Committee. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.

(1) A creditors’ meeting may establish a Creditors’ Committee.

(2) A Creditors’ Committee shall perform functions conferred on it under this Act.

(3) A Creditors’ Committee may require the administrator to—

(a) attend on the Committee at any reasonable time of which he is given at least seven days’ notice ; and

(b) provide the Committee with information about the exercise of his functions.