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This is the original version (as it was originally enacted).

125Ability for creditors to opt not to receive certain notices: individual insolvency

This section has no associated Explanatory Notes

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

(2)For the italic heading before section 379B substitute—

Giving of notices etc by office-holders.

(3)After section 379B insert—

379CCreditors’ ability to opt out of receiving certain notices

(1)Any provision of the rules which requires an office-holder to give a notice to creditors of an individual 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 creditors' 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 an individual, means—

    (a)

    where a bankruptcy order is made against the individual, the official receiver or the trustee in bankruptcy;

    (b)

    where an interim receiver of the individual’s property is appointed, the interim receiver;

    (c)

    the supervisor of a voluntary arrangement approved under Part 8 in relation to the individual.

(4)After section 383 insert—

383A“Opted-out creditor”

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

(a)is a creditor of the individual, 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 an individual, means—

(a)where a bankruptcy order is made against the individual, the official receiver or the trustee in bankruptcy;

(b)where an interim receiver of the individual’s property is appointed, the interim receiver;

(c)the supervisor of a voluntary arrangement approved under Part 8 in relation to the individual.

(5)In Schedule 9 (provisions capable of inclusion in individual insolvency rules), after paragraph 7 insert—

7AProvision for enabling a creditor of an individual to elect to be, or to cease to be, an opted-out creditor in relation to an office-holder for the individual (within the meaning of section 383A), 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 for an individual to be such an election also in relation to any other office-holder for the individual.

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