- Laws of Fiji

COMPANIES ACT 2015

COMPANIES (WINDING UP) RULES 2015

PART 9 GENERAL MEETINGS OF CREDITORS AND CONTRIBUTORIES IN RELATION TO WINDING UP BY THE COURT AND OF CREDITORS IN RELATION TO A CREDITORS’ VOLUNTARY WINDING UP [rr 66–84]

[COM 16,400] r 80 Votes of secured creditors

[COM 16,400] Votes of secured creditors80

(1) For the purpose of voting, a secured creditor must, unless he or she surrenders his or her security, state in his or her proof, or in a voluntary liquidation in such a statement as is hereafter mentioned, the particulars of his or her security, the date when it was given and the value at which he or she assesses it, and must be entitled to vote only in respect of the balance, if any, due to him or her after deducting the value of his or her security.

(2) If he or she votes in respect of his or her whole debt, he or she must be deemed to have surrendered his or her security, unless the court on application is satisfied that the omission to value the security has arisen from inadvertence.