Section 56: Deemed to be creditor if debt is accepted

1) Where a debt claim made by a person making a claim against the company which has become insolvent is accepted pursuant to this Chapter, that person shall acquire the status of creditor.

2) A person who acquires the status of creditor pursuant to sub-section (1) shall acquire the right to participate in a meeting of creditors,  exercise the voting right to the extent of the accepted debt claim and receive payment of the amount of debt under this Act.