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114. The rules in this Part apply only in relation to the liquidation committee established under Rule 41 after a full payment resolution has been passed.
115.—(1) Apply rule 4.160 of the 1991 Rules.
(2) For paragraph (1) substitute—
“(1) Subject to rule 4.162 of the 1991 Rules as applied by rule 117, the liquidation committee shall consist of either 3 or 5 creditors of the company, elected by the meeting of creditors held under rule 41.”
(3) Delete paragraphs (2), (4) and (7).
(4) In paragraph (6) delete from “; and those elected” to ““contributory members””.
116. Apply rule 4.161 of the 1991 Rules. In paragraph (3), the reference to Article 383 of the Companies Order, shall, after that Article is repealed, be to section 323 of the 2006 Act.(1)
117.—(1) Apply rule 4.162 of the 1991 Rules.
(2) For paragraph (1) substitute—
“(1) This rule applies where the outcome of the creditors' meeting summoned by the bank liquidator under rule 41 is (by virtue of rule 41(2)) that the liquidation committee ceased to exist at the end of the meeting.”.
(3) In paragraph (2), for “that Article” substitute “Article 120 of the Order”.
(4) In paragraph (4) for “at least 3 and not more than 5”, substitute “3 or 5”.
118. Apply rule 4.163 of the 1991 Rules.
119. Apply rule 4.164 of the 1991 Rules.
120. Apply rule 4.165 of the 1991 Rules.
121. A meeting of the committee is duly constituted if due notice of it has been given to all the members, and at least 2 members are present or represented.
122. Apply rule 4.167 of the 1991 Rules. In paragraph (2), the reference to Article 383 of the Companies Order, shall, after that Article is repealed, be to section 323 of the 2006 Act.(2)
123. Apply rule 4.168 of the 1991 Rules.
124. Apply rule 4.169 of the 1991 Rules.
125. Apply rule 4.170 of the 1991 Rules.
126. Apply rule 4.171 of the 1991 Rules.
127. Apply rule 4.172 of the 1991 Rules.
128. Apply rule 4.173 of the 1991 Rules.
129. Apply rule 4.175 of the 1991 Rules.
130. Apply rule 4.176 of the 1991 Rules.
131. Apply rule 4.177 of the 1991 Rules.
132. Apply rule 4.178 of the 1991 Rules.
133.—(1) Apply rule 4.179 of the 1991 Rules.
(2) For paragraph (4) substitute—
“(4) The members of the liquidation committee will cease to be members at the end of the final meeting held under rule 96.”
134. Apply rule 4.180(2) of the 1991 Rules.
135. Apply rule 4.181 of the 1991 Rules.
Article 383 is repealed on 1 October 2009
Article 383 is repealed on 1 October 2009
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