PART 10

Claims, dividends and distribution etc.

Entitlement to vote and draw a dividend

Voting and drawing a dividend
128
1
A creditor whose claim has been accepted in whole or in part by the trustee in the sequestration or on review or appeal under section 127 is entitled, in a case where the acceptance is under (or on review or appeal arising from)—
a
section 126(1), to vote on any matter at the meeting of creditors for the purpose of voting at which the claim is accepted, or
b
section 126(3), to payment out of the debtor's estate of a dividend in respect of the accounting period for the purposes of which the claim is accepted.
2
But—
a
paragraph (a) of subsection (1) is subject to sections 70(1)(a) and 77(1) and (7)(b), and
b
the entitlement mentioned in paragraph (b) of that subsection arises only in so far as the estate has funds available, having regard to section 129, to make the payment in question.
3
No vote may be cast, by virtue of a debt, more than once on any resolution put to a meeting of creditors.
4
Where a creditor—
a
is entitled to vote under this section,
b
has lodged the creditor's claim in one or more sets of other proceedings, and
c
votes (either in person or by proxy) on a resolution put to the meeting,
only the creditor's vote is to be counted.
5
Subsection (6) applies where—
a
a creditor has lodged the creditor's claim in more than one set of other proceedings, and
b
more than one member State insolvency practitioner seeks to vote by virtue of the claim.
6
The entitlement to vote by virtue of the claim is exercisable by the member State insolvency practitioner in main proceedings whether or not the creditor has lodged the claim in those proceedings.
7
For the purposes of subsections (4) to (6), “other proceedings” means main proceedings, secondary proceedings or territorial proceedings in a member State other than the United Kingdom.
S. 128 in force at 30.11.2016 by S.S.I. 2016/294, reg. 2
Words in s. 128(5)(b) substituted (26.6.2017) by The Insolvency (Regulation (EU) 2015/848) (Miscellaneous Amendments) (Scotland) Regulations 2017 (S.S.I. 2017/210), regs. 1, 4(10) (with reg. 9)
Words in s. 128(6) substituted (26.6.2017) by The Insolvency (Regulation (EU) 2015/848) (Miscellaneous Amendments) (Scotland) Regulations 2017 (S.S.I. 2017/210), regs. 1, 4(10) (with reg. 9)