PART 3

Initial stages of sequestration, statutory meeting and trustee vote

Statutory meeting

Proceedings before trustee vote
48
1
At the commencement of the statutory meeting the trustee in the sequestration must chair the meeting and, as the person chairing it, is—
a
for the purposes of subsection (3), to accept or reject in whole or in part the claim of each creditor (and if the amount of the claim is stated in foreign currency, to convert that amount into sterling, in such manner as may be prescribed, at the rate of exchange prevailing at the close of business on the date of sequestration),
b
on that being done, to invite the creditors to elect one of their number to chair the meeting in place of the trustee,
c
to preside over the election, and
d
to arrange for a record to be made of the proceedings at the meeting.
2
But, if no person is elected in pursuance of subsection (1)(b), the trustee must chair the statutory meeting throughout.
3
The acceptance of a claim in whole or in part under paragraph (a) of that subsection is, subject to section 49(6), to determine the entitlement of a creditor to vote at the statutory meeting.
4
On the conclusion of the proceedings under subsection (1)—
a
the trustee must make available for inspection—
i
the statement of assets and liabilities, and
ii
the statement prepared under section 42(1),
b
the trustee must answer to the best of the trustee's ability any questions,
c
the trustee must consider any representations put to the trustee by the creditors which relate to the debtor's—
i
assets and business or financial affairs, or
ii
conduct in relation to such assets and affairs,
d
after the trustee considers any such representations as are mentioned in paragraph (c) if, in the trustee's opinion, the debtor's assets are unlikely to be sufficient to pay any dividend whatsoever in respect of the debts mentioned in paragraphs (e) to (i) of section 129(1), the trustee is so to indicate,
e
the trustee must determine whether it is necessary to revise the trustee's statement of the debtor's affairs, and
f
if the trustee does so determine, the trustee must revise the statement either at, or as soon as may be after, the statutory meeting.
5
Where the trustee does carry out such a revision, the trustee is as soon as possible after the statutory meeting to send a copy of the revised statement to every creditor known to the trustee.
S. 48 in force at 30.11.2016 by S.S.I. 2016/294, reg. 2