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4.—(1) In Rule 1.3 (contents of proposal), after sub-paragraph (2)(c) insert–
“(ca)to the best of the directors' knowledge and belief–
(i)an estimate of the value of the prescribed part, should the company go into liquidation if the proposal for the voluntary arrangement is not accepted, whether or not section 176A is to be disapplied, and
(ii)an estimate of the value of the company’s net property on the date that the estimate is made,
provided that such estimates shall not be required to include any information the disclosure of which could seriously prejudice the commercial interests of the company, but if such information is excluded the estimates shall be accompanied by a statement to that effect;”.
(2) In Rule 1.10 (preparation of proposal)–
(a)in paragraph (a), after the words “Rule 1.3” insert “(subject to paragraph (c) below)”; and
(b)after paragraph (b), insert–
“(c)the administrator or liquidator shall include, in place of the estimate referred to in Rule 1.3(2)(ca), a statement which contains–
(i)to the best of his knowledge and belief–
(aa)an estimate of the value of the prescribed part (whether or not he proposes to make an application under section 176A(5) or section 176A(3) applies), and
(bb)an estimate of the value of the company’s net property,
provided that such estimates shall not be required to include any information the disclosure of which could seriously prejudice the commercial interests of the company, but if such information is excluded the estimates shall be accompanied by a statement to that effect, and
(ii)whether, and, if so, why, he proposes to make an application under section 176A(5).”.
(3) In Rule 1.23 (completion or termination of the arrangement)(1), after paragraph (2) insert–
“(2A) In the report under paragraph (2), the supervisor shall include a statement as to the amount paid, if any, to unsecured creditors by virtue of the application of section 176A (prescribed part).”.
Rule 1.23 was substituted by S.I. 2002/2709.
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