PART 1

Application or petition for sequestration

Applications and petitions

Main proceedings in another member State: approval of undertaking offered by member State insolvency practitioner to local creditors in the UK
14B
1
This section applies where a member State insolvency practitioner proposes an undertaking under Article 36 of the
EU
insolvency proceedings regulation and the secondary proceedings which the undertaking is intended to avoid would be sequestration or a protected trust deed.
2
A decision on approval of the undertaking by local creditors shall be taken as if it were a decision taken by a company’s creditors to approve a proposed company voluntary arrangement under section 4A of the Insolvency Act 1986.
3
Without prejudice to the generality of subsection (2),
rules 2.24, 2.29, 2.33, 2.34, 5.2 to 5.4, 5.6, 5.7, 5.14, 5.20, 5.22, 5.25 to 5.28, 5.30 to 5.35, 5.40 to 5.42, 6.4 and 6.5 of the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018
apply to that decision.
4
The member State insolvency practitioner must publish a notice in the Edinburgh Gazette of the undertaking containing—
a
the fact that the undertaking was approved,
b
the date the undertaking was approved, and
c
a description of the effect of the undertaking.
Ss. 14A, 14B inserted (26.6.2017) by The Insolvency (Regulation (EU) 2015/848) (Miscellaneous Amendments) (Scotland) Regulations 2017 (S.S.I. 2017/210), regs. 1, 4(8) (with reg. 9)
Words in s. 14B(3) substituted (23.7.2019) by The Insolvency (Scotland) Rules 2018 (Miscellaneous Amendments) Rules 2019 (S.I. 2019/1059), rules 1, 6