Section 661 of Insolvency Act CAP 53: Creditor may pursue claim against monitor for loss
(1) If there are reasonable grounds for believing that—
(a) as a result of any act, omission or decision of the monitor during the moratorium, the company has sustained loss; and
(b) the company does not intend to pursue any claim it may have against that monitor, any creditor of the company may make an application to the Court for an order under subsection (3).
(2) Such an application may be made during the moratorium or after it has ended.
(3) On the hearing of such an application, the Court may make—
(a) an order directing the company to pursue any claim against the monitor;
(b) an order authorising any creditor to pursue such a claim in the name of the company; or
(c) such other order with respect to such a claim as it considers appropriate, unless the Court is satisfied that the act, omission or decision of that monitor was reasonable in the circumstances.
(4) An order under subsection (3) may (among other things) do all or any of the following—
(a) impose conditions on any authority given to pursue a claim;
(b) direct the company to assist in pursuing a claim;
(c) give directions with respect to the distribution of money or other property received as a result of pursuing a claim;
(d) end the moratorium and, if it does, make such consequential provisions as the Court considers necessary.
(5) When hearing the application, the Court shall have regard to the interests of the members and creditors of the company as a whole.
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