61. Requirement for initial creditors' meeting

(1) Each copy of an administrator's statement of proposals sent to a creditor under Section 56(5)(b) (Administrator's proposals) must be accompanied by an invitation to a creditors' meeting (an "initial creditors' meeting").
(2) The date set for an initial creditors' meeting must be —
(a) as soon as is reasonably practicable after the Company enters administration; and
(b) in any event, within the period of ten (10) weeks beginning with the date on which the Company enters administration.
(3) An administrator of the Company shall present a copy of his statement of proposals to an initial creditors' meeting.
(4) A period specified in this Section may be varied in accordance with Section 151 (Extension of time limit).
(5) An administrator of a Company commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he fails without reasonable excuse to comply with a requirement of this Section.
(6) Subsection (1) shall not apply where the statement of proposals states that the administrator of the Company thinks —
(a) that the Company has sufficient property to enable each creditor of the Company to be paid in full;
(b) that the Company has insufficient property to enable a distribution to be made to unsecured creditors; or
(c) that neither of the objectives specified in Section 2(1)(a) and (b) (Purpose of administration) can be achieved.
(7) But the administrator of a Company shall summon an initial creditors' meeting if it is requested by creditors of the Company whose debts amount to at least ten (10)% of the total debts of the Company.
(8) A meeting requested under subsection (7) must be summoned for a date in the prescribed period.