Section 31 Directors’ statement of affairs to creditorsI1

Article 85 (directors to lay statement of affairs before creditors) is amended as follows.

For paragraph (1) substitute—

“(1)

The directors of the company must, before the end of the period of 7 days beginning with the day after the day on which the company passes a resolution for voluntary winding up—

(a)

make out a statement in the prescribed form as to the affairs of the company, and

(b)

send the statement to the company’s creditors.”.

For paragraph (3) substitute—

“(3)

If the directors without reasonable excuse contravene paragraph (1) or (2), they are guilty of an offence.”.