Search Legislation

The Financial Markets and Insolvency Regulations 1991

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Opening Options

 Help about opening options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

PART IIIINSOLVENCY PROCEEDINGS

Voting at meetings of creditors

4.  (1)  Section 159 of the Act (proceedings of exchange or clearing housetake precedence over insolvency procedures) shall be amended as follows.

(2) After subsection (4) there shall be inserted the following newsubsection—

(4A) However, prior to the completion of default proceedings—

(a)where it appears to the chairman of the meeting of creditors that asum will be certified under section 162(1) to be payable, subsection (4)shall not prevent any proof or claim including or consisting of anestimate of that sum which has been lodged or, in Scotland, submitted,from being admitted or, in Scotland, accepted, for the purpose only ofdetermining the entitlement of a creditor to vote at a meeting ofcreditors; and

(b)a creditor whose claim or proof has been lodged and admitted or, inScotland, submitted and accepted, for the purpose of determining theentitlement of a creditor to vote at a meeting of creditors and whichhas not been subsequently wholly withdrawn, disallowed or rejected, iseligible as a creditor to be a member of a liquidation committee or, inbankruptcy proceedings in England and Wales, a creditors' committee..

(3) In subsection (5) for the words“subsection (4)” there shall be substituted the words“subsections (4) and (4A)”.

Ranking of expenses of relevant office-holder

5.  At the end of subsection (4) of section 160 of the Act (duty to giveassistance for the purposes of default proceedings) there shall be addedthe following words—

“and for the purpose of determining the priority in which his expensesare payable out of the assets, sums in respect of time spent shall betreated as his remuneration and other sums shall be treated as hisdisbursements or, in Scotland, outlays.”.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enactedversion that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources