SCHEDULE 1Amendments to the Insolvency Rules 1986
Amendments to Rule 2.5267
1
Rule 2.52 (functions and meetings of the committee) is amended as follows.
2
In paragraph (1), at the beginning insert “In addition to any functions conferred on the creditors’ committee by any provision of the Act,”.
3
For paragraph (3) substitute—
3
The administrator must call a first meeting of the committee to take place within 6 weeks of the committee’s establishment.
3A
After the calling of the first meeting, the administrator must call a meeting—
a
if so requested by a member of the committee or the member’s representative (the meeting then to be held within 21 days of the request being received by the administrator); and
b
for a specified date, if the committee has previously resolved that a meeting be held on that date.
4
In paragraph (4)—
a
at the beginning insert “Subject to paragraph (5),”;
b
for “7” substitute “5 business”.
5
After paragraph (4) add—
5
Where the administrator has determined that a meeting should be conducted and held in the manner referred to in Rule 12A.26(2), the notice period mentioned in paragraph (4) is 7 business days.