INSOLVENCY

CHAPTER 11:01
INSOLVENCY

ARRANGEMENT OF SECTIONS

    SECTION

PART I
PRELIMINARY

    1.    Short title

    2.    Interpretation

    3.    Application of this Act

PART II
ADMINISTRATION OF THIS ACT

    4.    Director of Insolvency

    5.    Official Receiver

    6.    Office and name of Official Receiver

    7.    Vacation of office of Official Receiver

    8.    Register of insolvency practitioners

    9.    Conduct and performance of insolvency practitioners

    10.    Director may make application to Court

    11.    Disclosure to and consultation with, Director

    12.    Other registers to be kept by Director

PART III
COMPANY REORGANIZATION

    13.    Meaning of a company in reorganization

    14.    Objective of company reorganization

    15.    Administrator to be an officer of the Court

    16.    Appointment of an administrator

    17.    Conditions for making reorganization order

    18.    Application for a reorganization order

    19.    Powers of Court

    20.    Application by holder of qualifying security interest

    21.    Intervention by holder of a qualifying security interest

    22.    Application for reorganization order where company in liquidation

    23.    Effects of receivership

    24.    Dismissal of pending winding-up petition

    25.    Dismissal of receiver

    26.    Moratorium on insolvency proceedings

    27.    Moratorium on other legal processes

    28.    Interim moratorium

    29.    Publicity

    30.    Announcement of administrator’s appointment

    31.    Statement of company’s affairs

    32.    Prescribed period for submission of statement of affairs

    33.    Administrator’s proposals

    34.    Creditors’ meeting

    35.    Requirement for initial creditors’ meeting

    36.    Business and result of initial creditors’ meeting

    37.    Substantial revision after approval

    38.    Failure to obtain approval of administrator’s proposals

    39.    Further creditors’ meetings

    40.    Creditors’ committee

    41.    Correspondence instead of creditors’ meeting

    42.    General powers of administrator

    43.    Distribution

    44.    General duties of administrator

    45.    Administrator as agent of the company

    46.    Secured property: qualifying security interest

    47.    Secured property: non-qualifying security interest

    48.    Protection for secured or preferential creditor

    49.    Challenge to administrator’s conduct of company

    50.    Misfeasance

    51.    Automatic end of company reorganization

    52.    Court ending company reorganization on application of administrator

    53.    Termination of company reorganization where objective achieved

    54.    Court order ending company reorganization on application of creditor

    55.    Public interest winding-up of company in company reorganization

    56.    Moving from company reorganization to creditors’ voluntary winding-up

    57.    Moving from company reorganization to dissolution

    58.    Discharge of company reorganization order where company reorganization ends

    59.    Notice to Registrar of Companies where company reorganization ends

    60.    Resignation of administrator

    61.    Removal of administrator from office

    62.    Administrator ceasing to be qualified

    63.    Vacancy in office of administrator

    64.    Vacation of office: discharge from liability

    65.    Vacation of office: charges and liabilities

    66.    Multiple appointments

    67.    Joint administrators

    68.    Concurrent administrators

    69.    Joint or concurrent administrators

    70.    Presumption of validity

    71.    Majority decision of directors

    72.    Extension of time limit

    73.    Variation of period

    74.    Extended period

PART IV
RECEIVERSHIP

    75.    Appointment of receiver

    76.    Qualification of receiver

    77.    Appointment of receiver under instrument

    78.    Appointment of receiver by Court

    79.    Notice of appointment of receiver

    80.    Notice of receivership

    81.    Vacancy in office of receiver

    82.    Powers of receiver

    83.    Execution of documents

    84.    Obligations of company and directors

    85.    Validity of act of receiver

    86.    Consent of mortgagee to sale of property

    87.    General duties of receiver

    88.    First report by receiver

    89.    Further report by receiver

    90.    Extension of time for preparing reports

    91.    Persons entitled to receive reports

    92.    Duty to notify breaches of Acts

    93.    Notice of end of receivership

    94.    Preferential claims

    95.    Powers of receiver on liquidation

    96.    Liability of receiver

    97.    Relief from liability

    98.    Court supervision of receiver

    99.    Court may terminate or limit receivership

    100.    Order to enforce receiver’s duties

    101.    Order for protection of property in receivership

    102.    Refusal to provide essential service

PART V
WINDING-UP OF COMPANIES

Division I
Winding-Up of Other Bodies Corporate and Foreign Companies

    103.    Winding-up of other bodies corporate

    104.    Winding-up of foreign companies

Division II
Winding-Up Generally

    105.    Modes of winding-up

    106.    Commencement of winding-up

Division III
Winding-Up by Court

    107.    Petition for winding-up

    108.    Preliminary costs

    109.    Power of Court on petition for winding-up

    110.    Proceedings against company

    111.    Property of company

    112.    Lodging and service of order

    113.    Appointment of provisional liquidator

    114.    Custody and vesting of company’s property

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