The creditors may appoint a committee of inspection consisting of not more than five persons. If such a committee is appointed, the company may appoint up to three persons to act as members of the committee, provided that the membership of the committee shall not at any time exceed eight.
The purpose of the committee of inspection is to represent the interests of the creditors as a whole, not just the interests of its individual members.
The committee assists the liquidator in the performance of his or her duties. Members may have knowledge of specific activities of the insolvent company or relating to the company’s industrial sector which may provide useful information for the liquidator.
The committee shall meet at such times as the members from time to time appoint. Meetings are generally held when determined by the liquidator.