Cap. 631 Art. 26Ranking of claims and formation of classes.

(1) The insolvency practitioner shall, as soon as possible following appointment, examine the assets, liabilities, and affairs of the debtor and rank all claims against the debtor, present or future, certain or contingent, ascertained or which may be due in damages, by reference to the priority and ranking of their debts in accordance with the law being in force at the time.

(2) Upon preparing a ranking of the claims against the debtor in terms of sub-article (1), the insolvency practitioner shall convene a meeting of the officials of the debtor, for the purpose of:

(a) laying before them for their information, review and confirmation, a comprehensive ranking of the claims against the debtor;

(b) discussing which claims are to be selected for inclusion within the scope of a restructuring plan, having regard to the provisions of article 17; and

(c) organising the said creditors, into classes formed, having regard to the provisions of article 18.