Section 413, The Companies Act, 2009

(1) If the liquidator is at any time of the opinion that thecompany will not be able to pay its debts in full within the period stated in the directors’ declaration under section 407, he shall forthwith summon a meeting of the creditors and shall lay before the meeting a statement of the company’s assets and liabilities. (2) If the liquidator fails to comply with subsection (1) he Le5,000,000 292 293 applicable to members’ winding-up. appoint and fix remuneration of Power to fill vacancies in office of liquidator to accept shares as consideration for sale of company’s Creditors’ meeting in case of insolvency.