Companies Act 2014 section 687

Liquidator may have regard to wishes of creditors and contributories

Section 687 deals with the liquidator's ability to take account of the wishes of creditors and contributories when managing and distributing a company's assets during a winding up, and establishes a hierarchy where conflicts arise between different groups' directions.

• The liquidator may follow directions given by creditors, contributories, or the committee of inspection when administering and distributing the company's property
• Where directions from creditors conflict with those from contributories, the creditors' directions take priority; directions from either creditors or contributories override those from the committee of inspection
• The liquidator may call general meetings of creditors or contributories at any time to ascertain their wishes
• The liquidator must call such meetings when directed by resolution of the relevant group, or when requested in writing by at least one-tenth in value of the creditors or one-tenth in number of the contributories

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