PART 4CREDITORS’ VOLUNTARY WINDING UP
CHAPTER 3Nomination and appointment of liquidators and information to creditors
Creditors’ decision on appointment other than at a meeting (conversion from members’ voluntary winding up)4.12
1
This rule applies where the creditors’ decision on the nomination of a liquidator in a conversion of a members’ voluntary winding up into a creditors’ voluntary winding up is intended to be sought otherwise than through a meeting or through the deemed consent procedure, including where the conditions in rule 4.11(7) are met and the liquidator, under rule 4.11(8), goes on to seek a nomination from creditors by way of a decision procedure other than a meeting.
2
Instead of delivering a notice of the decision procedure or deemed consent procedure under rule 4.11, the liquidator must deliver a notice to creditors inviting them to make proposals for the nomination of a liquidator.
3
Such a notice must—
a
identify any liquidator for whom a proposal which is in compliance with paragraph (4) has already been received;
b
explain that the liquidator is not obliged to seek the creditors’ views on any proposal that does not meet the requirements of paragraphs (4) and (5); and
c
be accompanied by the statement of affairs unless that has previously been delivered to the creditor.
4
Any proposal must state the name and contact details of the proposed liquidator, and contain a statement that the proposed liquidator is qualified to act as an insolvency practitioner in relation to the company and has consented to act as liquidator of the company.
5
Any proposal must be received by the liquidator within 5 business days of the date of the notice under paragraph (2).
6
Within 2 business days of the end of the period referred to in paragraph (5), the liquidator must send a notice to creditors of a decision procedure under rule 4.11.