Companies Act 2014 section 566

Court may have regard to wishes of creditors or contributories

Section 566 deals with the court's power to take into account the wishes of creditors and contributories when making decisions in the winding up of a company.

• The court may consider the wishes of creditors or contributories in all matters relating to a winding up, provided those wishes are supported by sufficient evidence.
• To ascertain those wishes, the court may direct that meetings of creditors or contributories be called and conducted in a manner it specifies.
• The court may appoint a chairperson to oversee any such meeting and report the outcome back to the court.
• When weighing wishes, the court must have regard to the value of each creditor's debt and, for contributories, the number of votes each holds under the Act or the company's constitution.