S 70 repealed by No 11 of 2016, s 3 and Sch 1 item 24, applicable in relation to the administration of regulated debtors
estates on and after 1 September 2017. S 70 formerly read:
SECTION 70 COMMITTEE OF INSPECTION
The creditors who are entitled to vote may, at a meeting of the creditors, by resolution appoint a committee of inspection for the purpose of advising and superintending the trustee.
S 70(1) amended by No 119 of 1987, s 31(1); No 9 of 1992, s 14.
The committee of inspection shall consist of not more than 5 and not less than 3 persons.
A person is not eligible for appointment as a member of a committee of inspection unless:
he or she is a creditor or a person authorized by a creditor to act for the creditor in relation to the bankruptcy; or
he or she is a person whom a creditor intends to authorize to act for him or her in relation to the bankruptcy.
A creditor or other person referred to in paragraph (3)(a) is not qualified to act as a member of the committee of inspection until, in the case of a creditor, his or her proof of debt or, in the case of another person, the creditor
s proof of debt, has been admitted and a person referred to in paragraph (3)(b) is not qualified so to act until the creditor has authorized him or her to act for the creditor in relation to the bankruptcy and the creditor
s proof of debt has been admitted.
Subject to subsection (6), the committee of inspection shall meet at such times as the committee appoints from time to time.
The trustee or a member of the committee may call a meeting of the committee at any time.
The committee may act by a majority of its members present at a meeting but, except as provided by the next succeeding section, shall not act unless a majority of its members is present at the meeting.