PART 6DECISION-MAKING: APPLICATION OF PART 15 OF THE 2016 RULES
Application of Part (rule 15.1)114
Rule 15.1 has effect as if for paragraph (a) there were substituted—
a
This Part applies where the special administrator seeks a decision from the creditors of the company in accordance with paragraph 62 of Schedule B1 (administrator’s general power to call a meeting or seek a decision) or rule 3.42A (creditors’ decision for nomination of alternative liquidator).
Interpretation (rule 15.2)115
Rule 15.2 has effect as if—
a
in paragraph (1)—
i
the definition of “creditor” were omitted;
ii
in the definition of “physical meeting”, “or 379ZA(9)” were omitted;
b
in paragraph (3), for “Chapters 2 to 11” there were substituted “Chapters 2, 3 and 6 to 11”
.
The prescribed decision procedures (rule 15.3)116
Rule 15.3 has effect as if for “sections 246ZE and 379ZA” there were substituted “section 246ZE”
.
Physical meetings (rule 15.6)117
Rule 15.6 has effect as if—
a
in paragraph (1), “or, in the case of a decision procedure in respect of a moratorium under Part A1 of the Act, three days” were omitted;
b
in paragraph (2), for “sections 246ZE(7) or 379ZA(7)” there were substituted “section 246ZE(7)”
;
c
in paragraph (8), “or 379ZA(7)” were omitted.
Deemed consent (sections 246ZF and 379ZB) (rule 15.7)118
Rule 15.7 has effect as if—
a
in paragraph (1), for “sections 246ZF and 379ZB” there were substituted “section 246ZF”
;
b
in paragraph (2), “or 379ZB (as applicable)” were omitted;
c
in paragraph (3), for “(as defined in sections 246ZF and 379ZB)” there were substituted “(as defined in section 246ZF)”
.
Notices to creditors of decision procedure (rule 15.8)119
Rule 15.8 has effect as if, in paragraph (3)—
a
in sub-paragraphs (f) and (g), “except in the case of a decision procedure in respect of a moratorium under Part A1 of the Act” were omitted;
b
sub-paragraphs (h), (i) and (j) were omitted;
c
in sub-paragraph (k), for “sections 246ZE(7) or 379ZA(7)” there were substituted “section 246ZE(7)”
.
Voting in a decision procedure (rule 15.9)120
Rule 15.9 has effect as if, in paragraph (2), the words from “in respect of” to “a bankruptcy” were omitted.
Notice of decision procedures or of seeking deemed consent: when and to whom delivered (rule 15.11)121
Rule 15.11 has effect as if for the table in paragraph (1) there were substituted the following table—
Proceedings
Decisions
Persons to whom notice must be delivered
Minimum notice required
Special administration
Decisions of creditors
The creditors who had claims against the company at the date when the company entered special administra- tion (except for those who have subsequently been paid in full)
14 days
Gazetting and advertisement of meeting (rule 15.13)122
Rule 15.13 has effect as if, in paragraph (1), for “In an administration” to “where” there were substituted “Where”
.
Notice to company officers, bankrupts etc. in respect of meetings (rule 15.14)123
Rule 15.14 has effect as if—
a
in paragraph (1), for “In a decision procedure” to “by the court notice” there were substituted “Notice”
;
b
paragraphs (2) and (3) were omitted.
Chair at meetings (rule 15.21)124
Rule 15.21 has effect as if for that rule there were substituted—
Chair at meetings15.21
The chair of the meeting must be either the special administrator or an appointed person.
The chair – attendance, interventions and questions (rule 15.22)125
Rule 15.22 has effect as if, in sub-paragraph (c)(ii), “bankrupt or” were omitted.
Adjournment by chair (rule 15.23)126
Rule 15.23 has effect as if, in paragraph (1), “and to rule 15.23A or 15.24” were omitted.
Adjournment in absence of chair (Rule 15.25)127
Rule 15.25 has effect as if, in paragraph (1), “in respect of” to “bankruptcy” were omitted.
Proofs in adjournment (rule 15.26)128
Rule 15.26 has effect as if “in respect of a moratorium” to “or a bankruptcy” were omitted.
Creditors’ voting rights (rule 15.28)129
Rule 15.28 has effect as if—
a
paragraph (A1) were omitted;
b
in paragraph (1)—
i
for “In an administration” to “a creditor” there were substituted “A creditor”
;
ii
in sub-paragraph (a), “, subject to rule 15.29,” were omitted;
c
in paragraph (3)(a), “or bankrupt” were omitted;
d
paragraphs (5) and (6) were omitted.
Calculation of voting rights (rule 15.31)130
Rule 15.31 has effect as if—
a
in paragraph (1), sub-paragraphs (za), (b), (c), (d) and (e) were omitted;
b
paragraphs (3) and (6) were omitted.
Calculation of voting rights: special cases (rule 15.32)131
Rule 15.32 has effect as if paragraphs (A1), (B1), (2)(b) and (3) were omitted.
Requisite majorities (rule 15.34)132
Rule 15.34 has effect as if for that rule there were substituted—
Requisite majorities15.34
1
A decision is made by creditors when a majority (in value) of those voting have voted in favour of the proposed decision, except where this rule provides otherwise.
2
A decision is not made if those voting against it include more than half in value of the creditors to whom notice of the decision procedure was delivered who are not, to the best of the special administrator’s or chair’s belief, persons connected with the company.
Appeals against decisions under this Chapter (rule 15.35)133
Rule 15.35 has effect as if—
a
in paragraph (1), for “by a creditor, by a contributory, or by the bankrupt or debtor (as applicable)” there were substituted “by a creditor or by a contributory”
;
b
in paragraph (3)—
i
for the words from the beginning to “that decision” there were substituted “If a decision”
;
ii
the words from “but, in a CVA or IVA” to the end were omitted;
c
paragraphs (2), (3A), (3B), (5) and (7) were omitted.
Record of a decision (Rule 15.40)134
Rule 15.40 has effect as if paragraph (4)(c) were omitted.
Company meetings (rule 15.41)135
Rule 15.41 has effect as if for paragraph (1) there were substituted—
1
Unless the Act or these Rules provide otherwise, a company meeting must be called and conducted, and records of the meeting must be kept, in accordance with the law of England and Wales, including any applicable provision in or made under the Companies Act.
Indication to excluded person (rule 15.45)136
Rule 15.45 has effect as if, in paragraph (3)(b), for “convener” there were substituted “special administrator”
.
Complaint (rule 15.46)137
Rule 15.46 has effect as if, in paragraph (2)(b), for “convener” there were substituted “special administrator”
.