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Small Business, Enterprise and Employment Act 2015
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- UK Public General Acts
- 2015 c. 26
- SCHEDULE 9
- PART 1
- Paragraph 36
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36In section 141 (liquidation committee: England and Wales) for subsections (1) to (3) substitute—
“(1)This section applies where a winding up order has been made by the court in England and Wales.
(2)If both the company’s creditors and the company’s contributories decide that a liquidation committee should be established, a liquidation committee is to be established in accordance with the rules.
(3)If only the company’s creditors, or only the company’s contributories, decide that a liquidation committee should be established, a liquidation committee is to be established in accordance with the rules unless the court orders otherwise.
(3A)A “liquidation committee” is a committee having such functions as are conferred on it by or under this Act.
(3B)The liquidator must seek a decision from the company’s creditors and contributories as to whether a liquidation committee should be established if requested, in accordance with the rules, to do so by one-tenth in value of the company’s creditors.
(3C)Subsection (3B) does not apply where the liquidator is the official receiver.”
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