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The Financial Markets and Insolvency Regulations 1991

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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of determining theentitlement of a creditor to vote at a meeting of creditors and whichhas not been subsequently wholly withdrawn, disallowed or rejected, iseligible as a creditor to be a member of a liquidation committee or, inbankruptcy proceedings in England and Wales, a creditors'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.”.

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