A small group of not more than 5 and not less than 3 creditors and shareholders, or their representatives, often appointed by the creditors and shareholders of a company in liquidation to assist the liquidator. The committee is often called on to approve the liquidators fees and sometimes to approve the compromise of debts or the entry into contracts extending beyond three months by the liquidator. A Committee is generally formed in more complex administrations and where there are a substantial number of Creditors.
May 10
COMMITTEE OF INSPECTION
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