-s 7

SECRETARIAL PRACTICE
Every creditor of the company who at the date fixed by
the court is entitled to any debt or clair which, if that date
were the commencement of the winding up of the company,
would be admissible in proof against the company, shall be
entitled to object to the reduction:
The court shall settle a list of creditors so entitled to
object, and for that purpose shall ascertain, as far as possible
without requiring an application from any creditor, the
names of those creditors and the nature and amount of
their debts or claims, and may publish notices fixing a
day or days within which creditors not entered on the list
are to claim to be so entered or are to be excluded from the
right of objecting to the reduction:
Where a creditor entered on the list whose debt or claim
is not discharged or has not determined does not consent
to the reduction, the court may, if it thinks fit, dispense
with the consent of that creditor, on the company securing
payment of his debt or, claim by appropriating, as the
court may direct, the following amount: —

(i) If the company admits the full amount of the
debt or claim, or, though not admitting it, is willing to
provide for it, then the full amount of the debt or claim;

(ii) If the company does not admit and is not willing
to provide for the full amount of the debt or claim, or
if the amount is contingent or not ascertained, then an
amount fixed by the court after the like inquiry and
adjudication as if the company were being wound up
bv the court.

(a)

)

)

(3) Where a proposed reduction of share capital involves either
the diminution of any liability in respect of unpaid share capital
or the payment to any shareholder of any paid-up share capital,
the court may, if having regard to any special circumstances of the
case it thinks proper so to do, direct that subsection (2) of this
section shall not apply as regards any class or any classes of creditors.

Order confirming 57.—(1) The court, if satisfied, with respect to every creditor of
eon md + the company who under the last foregoing section is entitled to
on making such object to the reduction, that either his consent to the reduction has
oetder, been obtained or his debt or claim has been discharged or has
determined, or has been secured, may make an order confirming the
reduction on such terms and conditions as it thinks fit.

(2) Where the court makes any such order, it may—

(a) if for any special reason it thinks proper so to do, make
an order directing that the company shall, during such
period, commencing on or at any time after the date of
the order, as is specified in the order, add to its name as
the last words thereof the words “and reduced’; and
make an order requiring the company to publish as the
court directs the reasons for reduction or such other in-