PART 5DECISION MAKING

CHAPTER 3Notices, voting and venues for decisions

Notices to creditors of decision procedure5.8

1

This rule sets out the requirements for notices to creditors where a decision is sought by a decision procedure.

2

The convener must deliver a notice to every creditor who is entitled to notice of the procedure.

3

The notice must contain the following—

a

identification details for the insolvency proceedings;

b

details of the decision to be made or of any resolution on which a decision is sought;

c

a description of the decision procedure which the convener is using, and arrangements, including the venue, for the decision procedure;

d

a statement of the decision date;

e

except in the case of a decision in relation to a proposed CVA, a statement as to when the creditor must have delivered a statement of claim and documentary evidence of debt in accordance with these Rules failing which a vote by the creditor will be disregarded;

f

a statement that a creditor whose debt is treated as a small debt in accordance with rule 3.118 must still deliver a statement of claim and documentary evidence of debt if that creditor wishes to vote;

g

a statement that a creditor who has opted out from receiving notices may nevertheless vote if the creditor provides a statement of claim and documentary evidence of debt in accordance with paragraph (e);

h

in the case of a decision in relation to a proposed CVA, a statement of the effects of the relevant provisions of the following—

i

rule 5.26 about creditors’ voting rights,

ii

rule 5.28 about the calculation of creditors’ voting rights, and

iii

rule 5.31 about the requisite majority of creditors for making decisions;

i

except in the case of a physical meeting, a statement that creditors who meet the thresholds in section 246ZE(7) may, within five business days from the date of delivery of the notice, require a physical meeting to be held to consider the matter;

j

in the case of a meeting, a statement that any proxy must be delivered to the convener or chair before it may be used at the meeting;

k

in the case of a meeting, a statement that, where applicable, a complaint may be made in accordance with rule 5.35 and the period within which such a complaint may be made; and

l

a statement that a creditor may appeal a decision in accordance with rule 5.32, and the relevant period under rule 5.32 within which such an appeal may be made.

4

The notice must be authenticated and dated by the convener.

5

Where the decision procedure is a meeting the notice must be accompanied by a blank proxy complying with rule 6.3.

6

This rule does not apply if the court orders under rule 5.12 that notice of a decision procedure be given by advertisement only.