The Companies Act 2006 (Consequential Amendments etc) Order 2008

105.  After Part 17 of the Insolvency Act 1986 (miscellaneous and general) insert— U.K.

“PART 17A U.K. SUPPLEMENTARY PROVISIONS

Introductory

434A.   The provisions of this Part have effect for the purposes of—

(a) the First Group of Parts, and

(b) sections 411, 413, 414, 416 and 417 in Part 15.

Representation of corporations at meetings

434B.— (1) If a corporation is a creditor or debenture-holder, it may by resolution of its directors or other governing body authorise a person or persons to act as its representative or representatives—

(a) at any meeting of the creditors of a company held in pursuance of this Act or of rules made under it, or

(b) at any meeting of a company held in pursuance of the provisions contained in a debenture or trust deed.

(2) Where the corporation authorises only one person, that person is entitled to exercise the same powers on behalf of the corporation as the corporation could exercise if it were an individual creditor or debenture-holder.

(3) Where the corporation authorises more than one person, any one of them is entitled to exercise the same powers on behalf of the corporation as the corporation could exercise if it were an individual creditor or debenture-holder.

(4) Where the corporation authorises more than one person and more than one of them purport to exercise a power under subsection (3)—

(a) if they purport to exercise the power in the same way, the power is treated as exercised in that way;

(b) if they do not purport to exercise the power in the same way, the power is treated as not exercised.

Legal professional privilege

434C.   In proceedings against a person for an offence under this Act nothing in this Act is to be taken to require any person to disclose any information that he is entitled to refuse to disclose on grounds of legal professional privilege (in Scotland, confidentiality of communications).”.