PART 7TIME, RULES ABOUT DOCUMENTS AND INTERPRETATION
CHAPTER 10Delivery of documents and opting out
Delivery to the creditors and opting out7.48
1
Where the Act or a rule requires a housing administrator to deliver a document to the creditors, or the creditors in a class, the requirement is satisfied by the delivery of the document to all such creditors of whose address the housing administrator is aware other than opted-out creditors (where the opt out applies).
2
Where a creditor has opted out from receiving documents, the opt out does not apply to—
a
a notice which the Act requires to be delivered to all creditors without expressly excluding opted-out creditors;
b
a notice of a change in the housing administrator or the contact details for the housing administrator;
c
a notice as provided for by section 246C(2) of the Act; or
d
a document which these Rules require to accompany a notice within sub-paragraphs (a) to (c).
3
The housing administrator must begin to treat a creditor as an opted-out creditor as soon as reasonably practicable after delivery of the creditor’s election to opt out.
Creditor’s election to opt out7.49
1
A creditor may at any time elect to be an opted-out creditor.
2
The creditor’s election to opt out must be by a notice in writing authenticated and dated by the creditor.
3
The creditor must deliver the notice to the housing administrator.
4
A creditor becomes an opted-out creditor when the notice is delivered to the housing administrator.
5
An opted-out creditor—
a
will remain an opted-out creditor for the duration of the proceedings unless the opt out is revoked; and
b
is deemed to be an opted-out creditor in respect of any subsequent insolvency proceedings of a different kind relating to that registered provider.
6
The creditor may at any time revoke the election to opt out by a further notice in writing, authenticated and dated by the creditor and delivered to the housing administrator.
7
The creditor ceases to be an opted-out creditor from the date the notice is received by the housing administrator.
Housing administrator to provide information to creditors on opting-out7.50
1
The housing administrator must, in the first communication with a creditor, inform the creditor in writing that the creditor may elect to opt out of receiving further documents relating to the proceedings.
2
The communication must contain—
a
identification and contact details for the housing administrator;
b
a statement that the creditor has the right to elect to opt out of receiving further documents about the proceedings unless—
i
the Act requires a document to be delivered to all creditors without expressly excluding opted-out creditors,
ii
it is a notice relating to a change in the housing administrator or the housing administrator’s contact details, or
iii
it is a notice of a dividend or proposed dividend or a notice which the court orders to be sent to all creditors or all creditors of a particular category to which the creditor belongs;
c
a statement that opting-out will not affect the creditor’s entitlement to receive dividends should any be paid to creditors;
d
a statement that unless these Rules provide to the contrary opting-out will not affect any right the creditor may have to vote in a decision procedure or a participate in a deemed consent procedure in the proceedings although the creditor will not receive notice of it;
e
a statement that a creditor who opts out will be treated as having opted out in respect of any consecutive insolvency proceedings of a different kind in respect of the same registered provider; and
f
information about how the creditor may elect to be or cease to be an opted-out creditor.