Directors to lay statement of affairs before creditorsN.I.
85.—(1 )F1 The directors of the company shall—
(a)make out a statement in the prescribed form as to the affairs of the company;
(b)cause that statement to be laid before the creditors' meeting under Article 84; and
(c)appoint one of their number to preside at that meeting;
and it is the duty of the director so appointed to attend the meeting and preside over it.
(2 )F1 The statement as to the affairs of the company shall be verified by affidavit by some or all of the directors and shall show—
(a)particulars of the company's assets, debts and liabilities;
(b)the names and addresses of the company's creditors;
(c)the securities held by them respectively;
(d)the dates when the securities were respectively given; and
(e)such further or other information as may be prescribed.
(3 )F1 If—
(a)the directors without reasonable excuse contravene paragraph (1) or (2); or
(b)any director without reasonable excuse contravenes paragraph (1), so far as requiring him to attend and preside at the creditors' meeting,
the directors or (as the case may be) the director shall be guilty of an offence.
F1mod. by SR 2004/307