Article 10.3
A committee in a receivership must have at least 3 members but not more than 5 members.
A liquidation committee in a creditors' voluntary winding up appointed pursuant to section 101 M1 must have at least 3 members.
A liquidation committee in a winding up by the court established under section 142 M2 must have—
at least 3 and not more than 5 members elected by the creditors; and
where the grounds on which the company was wound up do not include inability to pay its debts, and where the contributories so decide, up to 3 contributory members elected by the contributories.
Annotations
Marginal citations
- M1
In section 101 subsection (1) was substituted by paragraph 25(2) of schedule 9 of the Small Business, Enterprise and Employment Act 2015 (c.26) (“the 2015 Act”) and subsection (3) was amended by paragraph 25(3) of that schedule.
- M2
In section 142 subsections (1) to (4) were substituted by paragraph 37(2) of schedule 9 to the 2015 Act and subsection (6) was amended by paragraph 37(3) of that schedule.