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Small Business, Enterprise and Employment Act 2015

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This is the original version (as it was originally enacted).

124Ability for creditors to opt not to receive certain notices: company insolvency

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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