Companies Act (Cap. 386), article 278

278. (1) The directors of the company shall cause a meeting of the creditors of the company to be summoned for a day not later than the fourteenth day from the day of the general meeting of the company at which the resolution for dissolution and consequenti al voluntary winding up is passed, and shall cause the notice of t he said meeting of the creditors to be sent by post to the credito rs at least seven days before th e date of that meeting. (2) The directors of the company shall - (a) cause a full statement of the position of the company’s affairs, together with a list of the creditors of the company and the estimated a mount of their claims to be laid before the meeting of the creditors to be held as aforesaid; and (b) appoint one of their number to preside at the said meeting. (3) It shall be the duty of the d irector appointed to preside at the meeting of creditors to atte nd the meeting a nd preside ther eat. (4) Where the court has ordered that the company be wound up voluntarily by virtue of the provisions of article 214(3) and a declaration in accordance with article 268 has not been made, t he court shall, at its sole discretion, determine whether or not t o appoint a liquidator itself in the winding up order. Where no liquidator is so appointed the general meeting of the company and the meeting of the creditors referred to in this article, shall be summoned within fourteen days from the date of the winding up order, and notice thereof shall be given by the directors of the company at least seven days before the date of such meetings; a nd the provisions of sub-articles (2) and (3) shall apply. (5) The directors of the company shall cause the notice of the meeting of the creditors referred to in this article to be adve rtised once in at least one lo cal daily newspaper. 176 CAP. 386.] COMP ANIES (6) If default is made by the directors, or the director, as the case may be, in complying with any of the provisions of this ar ticle, every director who is in default shall be liable to a penalty. Appointment and removal of liquidator. Amended by: IV . 2003.109.