Where section 629 of this Act has effect, sections 640 and 641 shall apply to the winding-up to the exclusion of the two last foregoing sections, as if the winding-up were a creditors’ voluntary winding-up and not a members’ voluntary winding-up : Provided that the liquidator shall not be required to summon a meeting of creditors under section 640 of this Act at the end of the first year from the commencement of the winding-up, unless the meeting held under section 629 of this Act is held more than three months before the end of that year.
Companies and Allied Matters Act 2020 · Part B · Chapter 22
Section 632Alternative provisions as to annual and final meetings in insolvency cases
Cite as: Companies and Allied Matters Act 2020, section 632
What this section means
From the guide: Voluntary winding up under CAMA 2020: members’ and creditors’ winding up
- If the liquidator thinks the company cannot pay its debts in full within the declared period, he must immediately call a creditors’ meeting with a statement of assets and liabilities, and the winding up then follows the creditors’ rules (sections 629 and 632).
Read the whole subject
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.