Section 570 of Insolvency Act CAP 53: Business to be conducted at initial creditors' meeting and obligation of administrator to report outcome to the Court and others
(1) An initial creditors' meeting to which an administrator's proposals are presented shall consider them and may—
(a) approve them without modification; or
(b) approve them with modifications to which the administrator consents.
(2) As soon as practicable after the initial creditors' meeting has ended, the administrator— (a) shall report any decision at the meeting taken—
(i) to the Court; and
(ii) to such other persons as may be prescribed by the insolvency regulations for the purposes of this section; and
(b) shall lodge a copy of the report with the Registrar for registration.
(3) An administrator who, without reasonable excuse, fails to comply with subsection (2)(a) or (b) commits an offence and on conviction is liable to a fine not exceeding two hundred thousand shillings.
(4) If, after being convicted of an offence under subsection (3), an administrator continues to fail to comply with the relevant requirement of that subsection, the administrator commits a further offence on each day on which the failure continues and on conviction is liable to a fine not exceeding twenty thousand shillings for each such offence.
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(1) This section applies if—
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The administrator of a company has the functions and powers specified in the Fourth Schedule.
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(2) A...
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(2) If property is disposed of in...
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(2) An...
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(b) resigns;
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(2) However, a...
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(2) If a...
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