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Liquidation: committee of inspection


In the case of a compulsory winding-up the liquidator is subject to the control of the committee of inspection or the Department of Trade and Industry. The committee consists of members of the company and creditors. It meets monthly and any member may summon a meeting. A quorum is a majority. Any member may resign or be removed. He is in a fiduciary position. The sanction of the committee is necessary in certain circumstances.

Reference: The Penguin Business Dictionary , 3rd edt.