Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 May 2003 - onwards
  Version 3 of 3    

143. Petition for protection of the Court.

(1) A petition presented under section 142 -

(a) shall nominate a person to be appointed as examiner;

(b) subject to section 146, shall be accompanied by a report under section 145, prepared by a person (in this Part referred to as "the independent accountant") who is either the auditor of the credit union concerned or a person who is qualified to be an auditor of a credit union; and

(c) shall be accompanied by a consent signed by the person nominated to be examiner.

(2) The Court shall not give a hearing to a petition under section 142 which is presented by a contingent or prospective creditor until such security for costs has been given as the Court considers reasonable.

(3) The Court shall not give a hearing to a petition under section 142 if a receiver stands appointed to the credit union the subject of the petition and that receiver has stood so appointed for a continuous period of at least three days prior to the presentation of the petition, excluding a Saturday, Sunday or publi