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Companies and Allied Matters Act 2020 · Part B · Chapter 18

Section 493Further creditors’ meetings

(1)
The administrator shall summon further creditors’ meeting if—
(a)
it is requested in the prescribed manner by creditors of the company whose debts amount to at least 10% of the total debts of the company ; or
(b)
he is directed by the Court to summon a creditors’ meeting.
(2)
An administrator commits an offence if he fails, without reasonable excuse, to summon a creditors’ meeting as required by this section.
Cite as: Companies and Allied Matters Act 2020, section 493

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Source: Companies and Allied Matters Act 2020 (Act No. 3 of 2020), Official Gazette No. 124, Lagos, 10 August 2020. General information, not legal advice.