Companies Act (Cap. 386), article 329A

329A. Where the directors of a company become aware that the company is unable to pay its debts or is imminently likely to become unable to pay its debts, they shall forthwith, not later than thirty days from when the f act became known to them, duly convene a general meeting of the company by means of a notice t o that effect for a date not later than forty days from the date of the notice for the purpose of reviewing the company’s position and of determining what steps should be taken to deal with the situati on, including consideration as to whether the company should be dissolved or, where applicable, whether the company should make a company recovery applicatio n in terms of article 329B. Company recovery procedure. Added by: IV . 2003.123. Amended by: L.N. 425 of 2007; IX. 2008.32; XXXI. 2015.20; XI. 2017.15; XXXI.2020.4; XVIII.2025.46.