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Cap. 13 · Commercial Code (Cap. 13)

Cap. 13 Art. 516List of creditors failing to appear.

Title IV

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(1) The debt register shall separately identify and contain the names of any known creditors who failed to appear, in person or by proxy, at the meeting referred to in article 510(2), and the said creditors who failed to appear shall not be taken into account:

Provided that any listed creditor who would have ranked below the debt pertaining to known creditors who failed to appear, shall only receive payment of his debt, in terms of this Part, on condition that he provides sufficient security to the satisfaction of the bankruptcy trustee that will ensure the making, by him, of a pro rata contribution in favour of any creditor who has failed to appear in the event of their appearing within one (1) year from the day on which the security was given.

(2) Any creditor that has failed to appear at the meeting referred to in article 510(2) shall have the right to request the court to order his inclusion in the debt register and to order the taking of such other action as may be necessary so as to give effect to their inclusion.