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Small Business, Enterprise and Employment Act 2015

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124Ability for creditors to opt not to receive certain notices: company insolvencyE+W+S+N.I.

This section has no associated Explanatory Notes

(1)The Insolvency Act 1986 is amended as follows.

(2)For the italic heading before section 246B substitute— “ Giving of notices etc by office-holders ”.

(3)After section 246B insert—

246CCreditors' ability to opt out of receiving certain notices

(1)Any provision of the rules which requires an office-holder of a company to give a notice to creditors of the company does not apply, in circumstances prescribed by the rules, in relation to opted-out creditors.

(2)Subsection (1)—

(a)does not apply in relation to a notice of a distribution or proposed distribution to creditors;

(b)is subject to any order of the court requiring a notice to be given to all creditors (or all creditors of a particular category).

(3)Except as provided by the rules, a creditor may participate and vote in a qualifying decision procedure or a deemed consent procedure even though, by virtue of being an opted-out creditor, the creditor does not receive notice of it.

(4)In this section—

  • give” includes deliver, furnish or send;

  • notice” includes any document or information in any other form;

  • office-holder”, in relation to a company, means—

    (a)

    a liquidator, provisional liquidator, administrator or administrative receiver of the company,

    (b)

    a receiver appointed under section 51 in relation to any property of the company, or

    (c)

    the supervisor of a voluntary arrangement which has taken effect under Part 1 in relation to the company.

(4)After section 248 insert—

248A“Opted-out creditor”

(1)For the purposes of this Group of Parts “opted-out creditor”, in relation to an office-holder of a company, means a person who—

(a)is a creditor of the company, and

(b)in accordance with the rules has elected (or is deemed to have elected) to be (and not to cease to be) an opted-out creditor in relation to the office-holder.

(2)In this section, “office-holder”, in relation to a company, means—

(a)a liquidator, provisional liquidator, administrator or administrative receiver of the company,

(b)a receiver appointed under section 51 in relation to any property of the company, or

(c)the supervisor of a voluntary arrangement which has taken effect under Part 1 in relation to the company.

(5)In Schedule 8 (provisions which may be included in company insolvency rules), after paragraph 5 insert—

5AProvision for enabling a creditor of a company to elect to be, or to cease to be, an opted-out creditor in relation to an office-holder of the company (within the meaning of section 248A), including, in particular, provision—

(a)for requiring an office-holder to provide information to creditors about how they may elect to be, or cease to be, opted-out creditors;

(b)for deeming an election to be, or cease to be, an opted-out creditor in relation to a particular office-holder of a company to be such an election also in relation to any other office-holder of the company.

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Commencement Information

I1S. 124 in force at 26.5.2015 for specified purposes by S.I. 2015/1329, reg. 3(d)

I2S. 124 in force at 6.4.2017 for E.W. in so far as not already in force by S.I. 2016/1020, reg. 4(c)

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