SCHEDULES

SCHEDULE 9Abolition of requirements to hold meetings; opted-out creditors

PART 1Company insolvency

Winding-up

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(1)

Section 99 (directors to lay statement of affairs before creditors) is amended as follows.

(2)

For subsection (1) substitute—

“(1)

The directors of the company must, before the end of the period of 7 days beginning with the day after the day on which the company passes a resolution for voluntary winding up—

(a)

make out a statement in the prescribed form as to the affairs of the company, and

(b)

send the statement to the company's creditors.”

(3)

For subsection (3) substitute—

“(3)

If the directors without reasonable excuse fail to comply with subsection (1), (2) or (2A), they are guilty of an offence and liable to a fine.”