Meetings of creditors
24.—(1) In the case of a company carrying on long-term business in whose case no stop order has been made, the creditors entitled to participate in creditor’s meetings may be—
(a)in relation to the long-term business assets of the company, only those who are creditors in respect of liabilities attributable to the long-term business of the company; and
(b)in relation to the other business assets of the company, only those who are creditors in respect of liabilities attributable to the other business of the company.
(1A) In a case where separate general meetings of the creditors are summoned by the liquidator pursuant to—
(a)paragraph (1); or
(b)regulation 29 of the Insurers (Reorganisation and Winding-Up) Regulations 2004(1) (composite insurers: general meetings of creditors),
chapter 8 of Part 4 and Part 8 of the principal Rules apply to each such separate meeting.
(2) In relation to any such separate meeting—
(a)Rule 4.068(3) of the principal Rules (expenses of summoning meetings) has effect as if the reference therein to assets were a reference to the assets available under the above mentioned Regulations for meeting the liabilities of the company owed to the creditors summoned to the meeting, and
(b)Rule 4.070 of the principal Rules (resolutions) applies as if the reference therein to value in relation to a creditor who is not, by virtue of Rule 6, 7 or 8, required to prove his debt, were a reference to the value most recently notified to him under Rule 22 or, if the High Court has determined a different value in accordance with Rule 22(4), as if it were a reference to that different value.
(3) In paragraph (1)—
“long-term business assets” means the assets representing the fund or funds maintained by the company in respect of its long-term business;
“other business assets” means any assets of the company which are not long-term business assets.