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Disclosure of interest by creditors etc. at creditors' meetings.
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147.—The Principal Act is hereby amended by the insertion after section 301 of the following section—
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“301A.—(1) Where, at a meeting of creditors, a resolution is proposed for the appointment of a liquidator, any creditor who has a connection with the proposed liquidator shall, before the resolution is put, make such connection known to the chairman of the meeting who shall disclose that fact to the meeting, together with details thereof.
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(2) Subsection (1) shall also apply to any person at the meeting, being a representative of a creditor and entitled to vote on the resolution on his behalf.
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(3) Where the chairman of a meeting of creditors has any such connection as is mentioned in subsection (1), he shall disclose that fact to the meeting, together with details thereof.
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(4) For the purposes of this section, a person has a connection with a proposed liquidator if he is—
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(a) a parent, spouse, brother, sister or child of, or
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(b) employed by, or a partner of,
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the proposed liquidator.
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(5) A person who fails to comply with this section shall be liable to a fine not exceeding £1,000.
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(6) In exercising its jurisdiction under section 267 (2) or 272 (2) (which relate to the appointment or removal of a liquidator) the court may have regard to any failure to comply with this section.”.
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